ZachXBT, a blockchain detective, has openly accused crypto influencer Ansem of supporting a lot of low-cap memecoins and reportedly working with others to make token prices go up falsely. The claims were made public in an October 5 exchange, where ZachXBT said that Ansem’s memecoin ads to his 507,000 fans could be misleading and hurt small investors.
ZachXBT caused a stir when he talked about Murad Mahmudov’s “Memecoin Supercycle” speech at Token 2049, a crypto event where memecoins were the main topic. Mahmudov is a well-known person in the cryptocurrency community. He became famous by supporting memecoins and sharing his picks. ZachXBT attacked Ansem for pushing similar low-cap coins without actually knowing how to trade and instead using his power to falsely raise prices.
If you resort to promoting new low cap meme coins every few days to followers as a large account it’s bc you have no edge and have to use your followers instead.
— ZachXBT (@zachxbt) October 5, 2024
Only thing which changed this cycle is grifting as large accounts became even more normalized than before (EX:…
Ansem explained his actions by saying that talking about small, low-value coins is a normal part of the cryptocurrency market. He talked about Dogwifhat (WIF), a memecoin he pushed that went from having a market value of $100,000 to an amazing $4.8 billion. Ansem said that this kind of success is better than a lot of standard utility tokens, like Chainlink (LINK), which has lost a lot of value this year compared to Bitcoin.
ZachXBT, on the other hand, wasn’t sure. He said that Ansem was pushing “hundreds” of low-cap tokens, such as BODEN, HOBBES, ZEUS, and WYNN, most of which have lost almost all of their value. Another memecoin called BODEN is 99% less valuable than it was in April, when it hit its all-time high. ZachXBT said that people with a lot of power, like Ansem, can have a big effect on the prices of small market cap tokens. This can lead regular buyers to buy into the hype, only to lose a lot of money when the prices fall.
If you resort to promoting new low cap meme coins every few days to followers as a large account it’s bc you have no edge and have to use your followers instead.
— ZachXBT (@zachxbt) October 5, 2024
Only thing which changed this cycle is grifting as large accounts became even more normalized than before (EX:…
This argument brings up bigger worries about the morality of crypto marketing lead by influencers. Many people are interested in memecoins because they have the ability to make a lot of money, but they are often seen as very risky and changeable investments. Some people say that memecoins only help early adopters, while regular investors are left with almost useless tokens after the hype dies down.
The fight between ZachXBT and Ansem shows how controversial it is for celebrities to promote risky crypto assets and what might happen to the people who follow them. People are still mostly interested in memecoins, which makes the discussion about openness and moral responsibility in the crypto space more important.
