ZachXBT Accuses Ansem Has Manipulated the Meme Coin Market

Bittime - The famous blockchain detective, ZachXBT, accused one of the crypto influencers, Zion Ansem Thomas or better known as Ansem, was involved in the promotion of meme coins and was suspected of carrying out market manipulation. 

ZachXBT said that Thomas promoted hundreds of small-cap meme coins, which had the potential to significantly influence the price of these tokens. Read this article to find out more!

ZachXBT Accuses Ansem of Meme Coin Market Manipulation

Although initially considered unserious, the meme coin has caught the attention of many investors, including big influencers like Ansem, who have a huge influence on the price of small-cap tokens.

According to ZachXBT, Thomas allegedly used his influence to promote meme coins, such as FLOOR, HOBBES, ZEUS, and WYNN, which then experienced a sharp decline. 

BODEN, a meme coin themed around President Joe Biden, has fallen nearly 99% since peaking in April. Meanwhile, meme coins HOBBES, ZEUS, and WYNN also experienced a decline of around 98% from their highest values.

Read Also: Bitcoin Price Stable, Time to Look at Meme Coin?

Ansem's Response to Meme Coin Market Manipulation

Meanwhile, Ansem denied saying that he had ever recommended it Dogwifhat (WIF) when the token only had a market capitalization of $100,000, and then reached a peak value of $4.8 billion, and did not experience any significant decline.

Ansem too stated that he prefers to promote meme coins because he thinks that is what the crypto community wants. 

He also highlighted that despite having a clearer function, utility tokens do not always provide huge profits in the short term. On the other hand, meme coins can provide incredible profits if traded at the right time.

Crticism of Meme Coin

However, ZachXBT did not remain silent and continued to criticize Ansem by alleging that promoting hundreds of low-cap meme coins was a form of market manipulation or pump and dump. 

Critics also highlight that many meme coins have no fundamental basis or intrinsic value. According to them, meme coins can damage the integrity of the crypto market as a whole.

However, despite receiving a lot of criticism, meme coins remain popular among investors. For example, Dogecoin (DOGE) andwhich initially started as a joke, eventually became one of the largest cryptocurrencies in the world. 

Read Also: Meme Coin Domination, 11 Out of the Top 15 Projects are Meme Coin

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