Chimaev’s Crypto KO: SMASH Coin Takes a Dive!

Undefeated UFC superstar Khamzat Chimaev, having not fought for nine months, has taken a controversial dive into the cryptocurrency world by promoting his own meme coin, “SMASH.” This move follows a common trend among celebrities who hint at investing in crypto only to launch their own digital tokens shortly afterward.

On Tuesday, Chimaev teased his Twitter followers about which cryptocurrency to invest in, a question that quickly led to the launch of SMASH the following day. Named after his mantra to “smash everyone” in the octagon, the coin initially garnered attention and excitement from his fans.

However, the enthusiasm was short-lived. By Friday, SMASH had plummeted dramatically, losing 96% of its value within 24 hours, as reported by GeckoTerminal. This sharp decline mirrored the rapid victories Chimaev is known for in the UFC but in a negative financial twist for investors.

Crypto veterans and observers quickly recognized the pattern as a potential “pump-and-dump” scheme. Notably, blockchain detective ZachXBT traced most of the dumped SMASH tokens back to insider wallets connected to Chimaev’s development team, indicating a possibly premeditated scam.

ZachXBT’s investigation revealed that these insider wallets were funded by a common Ethereum address and linked to various transactions on the Solana blockchain and exchanges like Binance and SideShift. This analysis suggested a significant portion of the SMASH supply was controlled and then sold off by insiders, leading to the token’s rapid devaluation.

In the aftermath, Chimaev has deleted all his tweets related to cryptocurrency and the SMASH token, distancing himself from the debacle. Meanwhile, his professional fighting career also faces uncertainty, as he had to withdraw from a highly anticipated bout against middleweight contender Robert Whittaker due to illness. This fight, set for June 22 in Saudi Arabia, remains unscheduled.

As the crypto community reels from yet another celebrity-endorsed token implosion, early buyers of SMASH are left counting their losses, possibly seeking a different kind of justice in Chimaev’s next UFC match.