Published on oktober 8, 2024, 12:23 am
Image source: Fox News
```json [ "TLDR: Crypto influencer Ansem is accused by investigator ZachXBT of promoting low market cap memecoins to his large following, potentially impacting coin prices. Ansem defended by comparing memecoins like Dogwifhat surging to $4.8 billion against stable utility tokens. ZachXBT accuses Ansem of endorsing various low-cap coins tied to celebrities that have seen massive declines. Debate divides crypto community on memecoin investment opportunities and their impact.", "Controversy questions the role and significance of cryptocurrencies in the current digital landscape." ] ```
Crypto investigator ZachXBT has accused popular crypto influencer Ansem of promoting numerous low market cap memecoins to his extensive following, alleging that this practice could significantly impact the price of these coins. This accusation has sparked a heated debate in the cryptocurrency community.
During an intense exchange on October 5th, ZachXBT and Ansem clashed over what ZachXBT claimed was the promotion of multiple “low cap” Solana (SOL) memecoins by Ansem. The issue came to light when discussing Murad Mahmudov’s “Memecoin Supercycle” speech at Token 2049, where accusations were made against Ansem for endorsing coins without having a legitimate advantage in the market.
With over 507,000 followers, Ansem’s influence on tokens with smaller valuations is significant according to ZachXBT. This influence could potentially lead followers to suffer financial losses by chasing after memecoin pumps. In response, Ansem defended his actions by contrasting promoting a token like Dogwifhat (WIF) with a $100,000 market cap, which later surged to $4.8 billion in value in March, with advocating for more stable utility-based tokens such as Chainlink (LINK).
ZachXBT fired back by accusing Ansem of endorsing numerous low-cap coins like BODEN, HOBBES, ZEUS, WYNN along with celebrity-associated memecoins tied to artists like Jason Derulo and Davido. These coins have seen significant declines from their all-time highs, with some dropping nearly 99% in value.
The ongoing debate surrounding memecoins has divided opinions within the crypto community. Supporters argue that memecoins like Dogecoin (DOGE), Pepe (PEPE), and WIF offer better investment opportunities compared to utility tokens due to their remarkable returns this cycle. On the contrary, critics label memecoins as “extractive,” allowing early investors to profit at the expense of retail investors before vanishing with the gains.
This controversy surrounding memecoins raises important questions about the essence and purpose of cryptocurrencies in today’s rapidly evolving digital landscape.
Original article posted by Fox News
