On-chain detective ZachXBT has uncovered a series of accounts on X (formerly Twitter) that specialize in promoting memecoins. Allegedly, a single individual controls these accounts.

The individual then used these accounts to promote memecoins such as ANALOS, BALLZ, and CATDOG. Additionally, rumors suggest that they were also involved in promoting Polkadot (DOT).

Individual promotes memecoins through 16 X accounts

ZachXBT reported that the X account “ardizor” is linked to 16 other accounts, most of which display blue verification badges. These accounts have large follower numbers, ranging from tens of thousands to several hundred thousand.

The Ardizor account currently has over 375,000 followers and a Telegram channel with over 172,000 members. Despite its initial promotion of memecoins such as ANALOS, BALLZ, and CATDOG, the value of these tokens has since plummeted.

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Additionally, many of these accounts are credited with participating in the Polkadot (DOT) marketing campaign that sparked controversy in early July. In the first half of 2024, the project allocated $36.7 million to advertising and payments to key opinion leaders (KOLs).

However, an X account called Wazz claimed that Ardizor is also one of the KOLs paid for this campaign.

X accounts linked to Ardizor for promoting memecoin. Source: ZacXBT.

“Everyone talks about DOT’s marketing campaign. But no one talks about how Ardizor’s scamfluencer ring managed to get 5-6 of their controlled accounts into multiple deals of over $400k,” Wazz alleged.

Wazz noticed that all of these accounts had the same style, always retweeting and promoting each other. Thus, ZachXBT also agreed with Wazz’s findings, reaffirming that this group was related to the DOT campaign.

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Additionally, there are other challenges with the memecoin ecosystem. Many celebrities, including Cardi B, have launched their own memecoins. However, most of these celebrity-backed meme coins tend to lose their value drastically in a short period of time.

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