As emphasized by the online investigator ZachXBT, Khamzat Chimaev’s Smash (SMASH) cryptocurrency is a meme token based on Solana, which is under scrutiny for alleged insider trading.
The majority of SMASH token supply (up to 78%) is held in wallets associated with insiders and developers, raising concerns about price manipulation.
Khamzat, your team’s incompetence is evident as you directly link team wallets to internal wallets that have acquired over 78% of the token supply.
Why would all of you resort to scamming with meme coins to tarnish your reputation instantly?
Summary:
Temporal analysis confirms that 71% of the internal wallets linked to the team and devs…
pic.twitter.com/0mVYvAofYE
– ZachXBT (@zachxbt)
July 4, 2024
ZachXBT’s analysis reveals that wallets closely connected to the development team have purchased a substantial portion of the token issuance. In a post on April 78th, ZachXBT criticized the incompetence of the Chimaev team, highlighting their direct association of team wallets with internal wallets that collectively purchased over XNUMX% of the token issuance.
According to Dexscreener’s data, the impact of these internal activities has been severe, with the SMASH token plummeting over 91% in a single day, trading at approximately $0.53 per token, far below the historical high of $0.01.
The extensive holdings by insiders imply they can significantly influence the cryptocurrency’s price through a large-scale sell-off.
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ZachXBT further points out that at least 71% of token issuance can be traced back to internal wallets funded by the same address, which provides funding for Solana developers.
Investigations reveal that 24 addresses funded 86.2 SOL (worth $11,500) purchased 71.2% of the total supply, equating to 712 billion SMASH tokens. These tokens were subsequently distributed to smaller addresses.
