Most of Khamzat Chimaev’s Smash (SMASH) cryptocurrency is held by insiders and developer wallets, raising insider trading concerns for yet another celebrity memecoin, according to onchain investigator ZachXBT.
Smash is a Solana-based memecoin launched by the popular mixed martial artist and UFC contender Chimaev.
Up to 78% of the Smash token supply was bought by insider and developer-related wallets, leading to price manipulation concerns, according to an analysis by the popular onchain investigator. In a July 4 X post, ZachXBT said:
“Khamzat your team is incompetent as you directly linked the team wallets with the insider wallets buying up 78%+ of the supply. Why do all of you instantly nuke your reputation with meme coin scams?”
The Smash token fell over 91% during the past day, to trade above 0.004 Solana (SOL), or $0.53 per token, falling from its all-time high of 0.01 SOL o Dexscreener data shows.
Insiders with large token holdings can single-handedly tank a cryptocurrency’s price, by market selling a large percentage of the holdings.
Cointelegraph has approached Chimaev’s team for comment.
Related: $100M Bitcoin liquidated as BTC drops: Will ETF investors panic sell?
This is a developing story, and further information will be added as it becomes available.