Prices of Memecoins Promoted by Crypto Influencers Crashed Hard! Here Are Those Memecoins

Blockchain researcher also known as Zachary Wolk ZachXBTaccused crypto influencer Zion “Ansem” Thomas of promoting low market cap memecoins in a series of so-called “pump and dump” schemes.

Crypto Researcher ZachXBT Accuses Influencer Ansem of Promoting Memecoin “Pump and Dump”

In a heated post on account X, Wolk claimed that Thomas facilitated the promotion of “hundreds” of memecoins to his followers and significantly influenced price movements.

Wolk’s claims emerged during a discussion about Murad Mahmudov’s “Memecoin Supercycle” talk at Token 2049, in which Mahmudov defended the role of memecoins in the crypto space.

Wolk accused Thomas of engaging in the same behavior, promoting low-capitalization Solana-based memecoins to capitalize on market trends rather than having actual trading expertise.

“If you, as a large account, are resorting to promoting new low-cap memecoins to your followers every few days, it is because you have no leverage and have to use your followers instead,” Wolk said, accusing Thomas of using his influence to drive up the prices of niche cryptocurrencies.

Thomas responded by defending his actions, claiming that the interest in these tokens reflects what the retail market wants to trade. “The ‘low-cap junk’ you mentioned dominated 90% of the retail mindshare in crypto over the past year. “Whether you like it or not, that’s what people want to trade in,” he countered.

Some introduced coins have seen significant declines, including President Joe Biden-themed memecoin BODEN, which is down nearly 99% from its all-time high in April. Other memecoins such as HOBBES, ZEUS, and WYNN have fallen similarly, falling nearly 98% from their peak value.

*This is not investment advice.