Kamzat Chimev is ‘not involved’ with SMASH memecoin – manager

UFC fighter Kamzat Chimev from SMASH memecoin and “not involved”[knows] Just like you do, said Majdi Shamas, manager of Chimeve, in a July 7 X ​​post. Shamas said he decided to introduce the coin without the fighter's input after “[he] It was approached by a group claiming to be Chimev supporters.

The statement comes a few days after onchain sleuths alleged that the SMASH development team bought 78% of the coin's supply in an attempt to pump and dump ZackXBT.

Memecoin SMASH is a separate project from privacy coin SmashCash, which uses the same token.

In the post, Shamas apologized to the fighter and “to all of you who were affected by this, if only I had done something different.” He explained that he only allowed the SMASH group to “film a short video promoting their debut.” […] Nothing more, nothing less” and Chimav “wasn't even involved in this decision”.

SMASH launched on July 2nd at 2pm UTC.On the day of launch, from 6pm to 10pm, the price went from $0.0001147 to $0.007308, a gain of 6,271%. After peaking, it fell 94% the next day, settling at $0.0004209 at 8 pm UTC on July 3, according to data from DEXScreener.

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In the year On July 4, blockchain investigator ZackXBT announced the results of an investigation into the coin's transactions. He said more than 78% of the coin's initial offering was bought by “internal and dev team wallets.”

A development team that buys a large number of tokens often plans to sell the tokens later for a profit, hurting its value in the process. ZachXBT said it “ceased tracking” after the initial token purchases, saying it did not track these purchases through to their destination sales.

On July 8, ZachXBT responded to Shammas' apology, saying Chimev's management team did more than simply allow him to make a promotional video. “Kamzat made two separate posts about the coin before it was deleted,” the blockchain researcher said.

SMASH is the latest of several celebrity memecoins to be accused of being pump and dump scams. In the year On July 2, rapper Sexy Red's PRESI project came under fire when the group allegedly bought 90% of the coin's supply at launch. On June 13, Andrew Tate's DADDY project was accused of buying a 30% supply at its launch.

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