UFC Superstar Khamzat Chimaev Promoted and Dumped Memecoin $SMASH, Dropping Token Value by 95%

It all started with a now deleted post to his followers on social platform X. UFC superstar Khamzat Chimaev – who is undefeated and hasn’t had a fight in

UFC star Khamzat Chimaev is under fire after promoting a memecoin called SMASH, which saw a drastic 95% drop in value.

According to crypto sleuth ZachXBT, the team behind Chimaev appears to have purchased a significant portion of the token supply. Through his analysis, Zach discovered that at least 71% of SMASH can be directly linked to 24 insider wallets.

Chimaev, known for hyping the token just a day before its massive drop, had his involvement in the scam exposed by Zach, who couldn’t help but mock the failed attempt at a pump and dump.

"The 24 addresses collectively received 86.2 SOL, valued at US$11,500 (AU$17,072), and used these funds to acquire 71.2% of the total Smash tokens supply, amounting to 712 million tokens. According to an analysis by ZachXBT, these addresses later redistributed the tokens among various smaller addresses."

After hyping the coin on his Twitter page, followers rushed to purchase SMASH, which saw a sharp increase in price, followed by a steep decline.

"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?

"Summary: Using timing analysis confirms 71% insider and dev team wallets is..."

This scenario has become all too common in the crypto space, with celebrities promoting coins that experience a rapid price drop, leaving many fans and investors disappointed.

In recent months, there has been a surge in celebrity-backed memecoins, with some being linked to well-known figures such as Andrew Tate, Iggy Azalea, Lil Pump, Donald Trump, and Joe Biden.

While some coins have been promoted by controversial individuals, such as Martin Shrekli, who is identified as the creator of the Trump-related DJT token, others have also joined the memecoin hype.

"For those who are confused and need additional context. Earlier today Arkham announced a $150K bounty for the identity of the DJT creator11:49 pm UTC I reply to Arkham saying I submitted for the bounty11:57 pm UTC Martin Shkreli panic DM’s me 12:27 am UTC Martin Shkreli…"

Despite initial price increases, several coins have seen a significant drop in value of over 90% since their launch. This decline is consistent with historical patterns of pump-and-dump schemes, where tokens are hyped for quick profits, often harming less-informed investors.

This trend has had a negative impact on the altcoin market, contributing to a decrease in the overall cryptocurrency market cap of about 15% since May.

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