Blockchain researcher ZachXBT, also known as Zachary Wolk, accused crypto influencer Zion “Ansem” Thomas of promoting low-market-value memecoins in “pump and dump” schemes. Wolk claimed Thomas influenced the prices of these coins by promoting them to his followers, questioning his trading expertise and motives. This controversy arose during a discussion about the role of memecoins in the crypto space, with Wolk criticizing Thomas for promoting niche cryptocurrencies like Solana-based memecoins with low capitalization.

In response, Thomas defended his actions by stating that the interest in these tokens aligns with what the retail market wants to trade. He argued that despite some coins experiencing significant declines, like the President Joe Biden-themed BODEN coin, which is down 99% from its peak, the popularity of such memecoins reflects retail demand in the crypto market. Other coins promoted by Thomas, such as HOBBES, ZEUS, and WYNN, have also seen similar drops in value, down approximately 98% from their highs.