Zachary Wolk, commonly recognized as ZachXBT in the crypto community, has openly criticized influencer Zion “Ansem” Thomas for allegedly facilitating a series of so-called “pump and dump” schemes involving low-cap memecoins. Their heated exchange, which took place on social media on October 5, revolved around Wolk’s accusations that Thomas was disproportionately promoting these low-value cryptocurrencies to his wide-reaching audience.
Wolk initially brought attention to Thomas while referencing a recent speech by memecoin proponent Murad Mahmudov, who discussed the so-called “Memecoin Supercycle.” During this discourse, Wolk asserted that Thomas’s promotion of various low-cap Solana (SOL) memecoins revealed a lack of genuine market insight, suggesting that he relies on his followers for trades rather than any substantial advantage.
In response, Thomas questioned why discussing low-cap tokens is perceived as unethical. He defended his actions by noting that he had successfully highlighted the potential of certain tokens, such as Dogwifhat (WIF), which saw significant growth after being promoted. Critics like Wolk maintained that Thomas’s influence over such coins poses a risk to his followers, potentially leading them to financial losses as they chase temporary surges in value.
Wolk accused Thomas of endorsing numerous low-cap finances, including a range of celebrity-themed memecoins. Thomas countered that these tokens had captured considerable interest among retail investors, claiming they represented a legitimate trading interest despite their often fleeting nature.
As the discussion unfolded, it became clear that memecoins, including popular examples like Dogecoin and Pepe, are at the center of a contentious debate within the cryptocurrency community. While proponents argue that they offer significant returns, detractors highlight the risks for less experienced investors, pointing to issues like potential exploitation from early insiders. The conversation on the viability and ethics of such investments in the crypto landscape continues to evolve, reflecting broader concerns about market integrity.
