Insiders and developer accounts hold most of Khamzat Chimaev’s Smash (SMASH) crypto token, which raises concerns about insider trading for the celebrity memecoin.
Chimaev, a prominent mixed martial artist and UFC contender, has initiated Smash, a memecoin. It is headquartered in Solana.
According to an analysis conducted by the well-known onchain investigator, the purchase of up to 78% of the Smash token supply by insider and developer-related wallets raised concerns regarding price manipulation. ZachXBT stated in a July 4 X post:
“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?”
Dexscreener data indicates that the Smash token experienced a 91% decline in value over the past day, trading at just over 0.004 Solana, or $0.53 per token, a significant decrease from its all-time high of 0.01 SOL.
By market selling a significant portion of their token holdings, insiders with substantial token holdings can single-handedly devalue a cryptocurrency.
Khamzat’s team holds about 78% of the total supply
ZachXBT’s analysis indicates that at least 71% of the supply can be explicitly traced back to insider wallets funded by the same Ethereum address that funded the Smash token’s developer address on Solana.
The on-chain investigator composed the following:
“Using timing analysis confirms 71% insider and dev team wallets is directly linked as they were funded by same address on Ethereum.”
We financed the 24 addresses with a total of 86.2 SOL tokens, which is equivalent to $11,500. According to ZachXBT, these same addresses have acquired 712 million Smash tokens, which accounts for 71.2% of the total supply.
The analyst’s chart below illustrates that the 24 addresses have distributed 71% of the supply among lesser addresses after purchasing it.
