UFC fighter Khamzat Chimaev's manager, Majdi Shammas, clarified that Chimaev had no involvement with the SMASH memecoin project, despite earlier promotions. Shammas admitted to promoting the coin without the fighter's consent after being approached by supposed fans. Allegations arose that the SMASH development team had acquired 78% of the coin's supply, hinting at a pump-and-dump scheme. The coin's launch on July 2 saw a meteoric rise of 6,271% in a few hours, followed by a sharp 94% decline the next day. Blockchain investigator ZachXBT revealed suspicious transactions involving insider wallets. The controversy highlights the risks associated with celebrity-backed memecoins, with similar accusations made against other projects like PRESI and DADDY. Could such scandals potentially impact the ongoing bullish trend in the crypto market? Read more AI-generated news on: https://app.chaingpt.org/news