Most of Khamzat Chimaev’s Smash cryptocurrency is held by insiders and developer wallets, raising insider trading concerns for yet another celebrity memecoin, according to onchain investigator ZachXBT.
“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?”Insiders with large token holdings can single-handedly tank a cryptocurrency’s price, by market selling a large percentage of the holdings.
After buying 71% of the supply, the 24 addresses have distributed them across smaller addresses, the analyst’s below chart shows.While some are welcoming the launch of celebrity memecoins as a sign of mainstream adoption, the notoriously poor price performance of these celebrity tokens is damaging the industry’s reputation.Jason Derulo’s token was also hit by controversy