Crypto investigator ZachXBT has accused influencer Zion “Ansem” Thomas of promoting numerous low-value memecoins to his followers, potentially driving their prices up artificially before they crash.
On October 5, in a heated exchange on X (formerly Twitter), ZachXBT and Thomas debated over Thomas’s alleged involvement in pushing a series of small-cap memecoins, particularly those in the Solana ecosystem. ZachXBT claimed that Thomas, who has more than 500,000 followers, has been using his platform to promote these memecoins to manipulate their prices.
The conversation stemmed from ZachXBT’s criticism of another memecoin promoter, Murad Mahmudov, who delivered a talk titled “Memecoin Supercycle” at Token 2049. ZachXBT argued that such figures, including Thomas, are taking advantage of their large followings by hyping coins with small market capitalizations, which can lead to followers losing money when these coins collapse.
Thomas defended himself, stating that he was simply highlighting smaller, lesser–known coins and that these “low-cap” coins were in demand by retail traders. He cited Dogwifhat (WIF), a memecoin he promoted when it had a market cap of just $100,000, which later surged to a peak valuation of $4.8 billion. Thomas argued that such promotions were more exciting for traders than pushing well-established tokens like Chainlink, which has seen significant declines this year.
However, ZachXBT hit back, accusing Thomas of promoting “hundreds” of low–cap coins, such as BODEN, HOBBES, ZEUS, and WYNN, some of which have crashed by more than 98% since their peak values. Many of these memecoins, including celebrity-endorsed ones from stars like Jason Derulo and Davido, have seen steep declines after their initial hype.
Thomas responded by asserting that these types of tokens represent the majority of interest in the crypto space, whether critics like it or not. He emphasized that memecoins have captured the attention of most retail investors in the market over the past year.
Several of the memecoins Thomas has promoted have since lost most of their value, highlighting the risks involved in these types of speculative investments.
Summary Review: The heated exchange between crypto sleuth ZachXBT and influencer Ansem underscores the ongoing debate over the promotion of low-cap memecoins in the cryptocurrency space. While Ansem defends his actions by pointing to the high demand for these speculative coins among retail traders, critics like ZachXBT argue that influencers with large followings are driving “pump and dump” schemes that leave many investors with significant losses. As memecoins continue to capture attention, this controversy highlights the risks associated with such investments and the responsibility that influencers hold in shaping market behavior.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
