UFC Star’s SMASH Token Plummets in Value Amid Allegations
In the latest celebrity-led cryptocurrency saga, UFC sensation Khamzat Chimaev’s venture into the meme coin world has ended in controversy and financial turmoil for early investors. The SMASH token, championed by the undefeated fighter and launched on the Solana blockchain, experienced a drastic over 90% drop in value shortly after its release.
Allegations of Insider Trading and Market Manipulation
Chimaev, renowned for his dominating performances in the ring and his trademark catchphrase to “smash everyone,” endorsed the SMASH token on his Twitter account. However, the excitement was short-lived as the token’s value plummeted dramatically.
- Blockchain investigator ZachXBT conducted an on-chain analysis of the token’s distribution.
- 78% of the SMASH token supply seemed to be controlled by insiders and developer-related wallets.
- ZachXBT revealed that 71% of the supply could be traced back to insider wallets.
The Aftermath and Market Response
The market reacted swiftly and harshly to the revelation. The SMASH token’s value dropped from its peak of 0.01 SOL to just above 0.004 SOL, representing approximately $0.53 per token, a staggering 91% decline in value within 24 hours.
- Industry discussion intensified regarding celebrity-endorsed cryptocurrencies and their implications for the crypto sector.
- Debate persists on whether these projects signal mainstream adoption or if they tarnish the industry’s image due to poor performance and controversial practices.
Celebrity Coins Under Scrutiny
The incident involving the SMASH token is not an isolated case within the realm of celebrity-backed cryptocurrencies. Similar controversies have plagued tokens associated with other personalities, including Jason Derulo and Andrew Tate.
- Jason Derulo’s JASON token faced backlash over allegations of selling despite claims of never doing so.
- Andrew Tate’s DADDY memecoin came under fire for insider trading accusations.
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