The memecoin space has heated up this week with a new series of accusations and fresh coins entering the market.
Blockchain Sleuth ZachXBT took to Twitter to call out Ansem, a crypto influencer for shilling "pump and dump tokens".
In light of the incoming HBO Bitcoin documentary, memecoin developers have released dozens of new $LEN memecoins on Solana, Ethereum and even Bitcoin.
Len Sassaman in particular, is a major subject of speculation considering his close ties to Bitcoin in 2011.
Speculation around these meemcoins will only grow as Wednesday approaches.
In what turned out to be another episode of memecoin drama, crypto sleuth ZachXBT pointed accusing fingers at Zion "Ansem" Thomas this week.
According to ZachXBT, Ansem has played a huge role in promoting scam memecoins to his large following as a crypto influencer.
The accusations surfaced when ZachXBT took to Twitter to formally call Ansem out for asking investors to buy low market cap coins which are pumped and then dumped on the Solana network.
The heated debate started on 5 October when ZachXBT accused Ansem of using his 507,000 followers to inflate memecoin prices for personal gain.
Ansem on the other hand, denied the accusations and defended his actions as transparent and valuable.
According to him, his involvement in promoting memecoins was mostly helpful.
He noted that he played a huge role in pushing memecoins like Dogwifhat from a mere $100,000 market cap to a staggering $4.8 billion.
He emphasized that this was far more useful than shilling utility tokens like Chainlink that have grossly underperformed against Bitcoin this year.
ZachXBT alleged that Ansem was a major factor when it came to promoting hundreds of low-cap coins, including BODEN, HOBBES, ZEUS and WYNN.
So far, these coins including those tied to celebrities like Jason Derulo have largely seen catastrophic declines.
Most of them have even dropped by over 98% from their all-time highs.
Despite this, Ansem defended his promotion of these projects. He argued that the majority of the crypto retail demand is driven by memecoins instead of utility tokens.
Overall while memecoins are generally great for quick gains, most of the criticism revolves around their tendency to only benefit insiders and early investors.
In a separate memecoin frenzy, HBO is set to release a documentary this week, titled “Money Electric: The Bitcoin Mystery”.
The interesting part about this new development is that cryptographer Len Sassaman is widely believed by speculators to be Bitcoin’s creator.
As expected, this development has resulted in a new wave of memecoins around the theme.
The market’s meme developers have now launched a massive wave of $LEN tokens on the Solana, Ethereum and even the Bitcoin networks.
All of these are an effort to capitalize on the speculation that Sassaman could in fact be the elusive Satoshi Nakamoto.
So far, LEN tokens have seen overnight gains and have reached market caps in the millions before reversing course.
The largest of these has even surged by around 406% in the 24 hours before writing and has a market cap of $4.8 million.
Len Sassaman memecoin
Another has surged by a staggering 68,000% in a mere 24 hours to a market cap of $2.4 million.
Adding to the intrigue has been Sassaman’s cats, which already have memecoins of their own.
One of these is $SASHA, which has reached a combined market cap of $5 million on Ethereum and Solana.
With the documentary fast approaching on 8 October, many speculators believe these tokens might be grossly underpriced and perfect for buying.
Despite the ups and downs of the memecoins sector, they are widely seen as the perfect combination of community and internet humor.
Unlike traditional utility tokens, these cryptocurrencies have no intrinsic value and rely on shared interest to drive their worth.
This makes them highly unpredictable but highly lucrative for those who get in early.
The recent Sassaman-themed memecoins are a great example of this dynamic.
As noted by crypto user @ariesyuangga on Twitter: If Sassaman is indeed named as Satoshi Nakamoto, most of these associated tokens will likely explode upwards.
As HBO’s Wednesday documentary draws closer, it is clear that this trend is far from over.
Whether through hype, influencer promotion or memes, the memecoin space is going to get a lot more heated this week in particular.
Investors should however understand that the risks as high and many tokens often crash heavily after major booms.
The upcoming documentary might add more fuel to the ongoing fire—especially if it holds credibility to Sassaman's Bitcoin connection.
Regardless of the outcome however, memecoins will likely continue to perform wonderfully within the the crypto community.
Investors should remember to always do their own research, never invest money they can’t afford to lose and to stay vigilant overall.
The main $LEN contract address as designated by @ariesyuangga is “9WuADsQtSP … QeUkLoLssS2pump” and only time will tell what becomes of this specific asset type, come Wednesday.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.