The distribution of Smash tokens raises insider trading concerns, adding another red flag to celebrity memecoins.
Most of Khamzat Chimaev’s Smash (SMASH) cryptocurrency is held by insiders and developer wallets, raising insider trading concerns for yet another celebrity memecoin, according to onchain investigator ZachXBT.
Smash is a Solana-based memecoin launched by the popular mixed martial artist and UFC contender Chimaev.
Up to 78% of the Smash token supply was bought by insider and developer-related wallets, leading to price manipulation concerns, according to an analysis by the popular onchain investigator. In a July 4 X post, ZachXBT said: