memecoins linked to an influencer

ZachXBT reveals $24 million worth of memecoins linked to influential trader Murad Mahmudov, raising concerns about possible market manipulation

$PEPE A new report from well-known on-chain researcher ZachXBT has uncovered a network of 11 wallets associated with influential cryptocurrency trader Murad Mahmudov, worth approximately $24 million worth of memecoins. These wallets, spread across the Ethereum and Solana blockchains, were traced back to a common funding source, linked to a multisig signer from the STFX team, revealing Mahmudov's involvement as a key investor in the memecoin space.

Market manipulation?

ZachXBT's discovery has raised concerns about the timing of Mahmudov's transactions and how they match up with his public statements about certain tokens. In one of the most striking cases, one of the wallets was seen purchasing 7.5 million MINI tokens just an hour before Mahmudov publicly promoted the token, which has raised questions about possible market manipulation.

These types of transactions suggest that Mahmudov could be leveraging his influence to inflate the value of certain tokens, benefiting from market anticipation following his public recommendations.

The rise of memecoins and Murad's influence

Murad Mahmudov, who was already a prominent figure in the cryptocurrency sector, now has an even more relevant role within the memecoin ecosystem. His influence intensified after his presentation at the Token 2049 event, where he discussed what he called the memecoin supercycle.

On social media, Mahmudov has been a leading proponent of memecoins, going so far as to compare the phenomenon to the meme stock craze of 2021. #MemeWatch2024 #Blockchain #Memecoin🤑🤑 #MercadoCripto #ecosistema