Most of Khamzat Chimaev’s Smash (SMASH) cryptocurrency is held by insiders and developer wallets, raising insider trading concerns for yet another celebrity memecoin, according to onchain investigator ZachXBT.

Smash is a Solana-based memecoin launched by the popular mixed martial artist and UFC contender Chimaev.

Up to 78% of the Smash token supply was bought by insider and developer-related wallets, leading to price manipulation concerns, according to an analysis by the popular onchain investigator. In a July 4 X post , ZachXBT said:

“Khamzat your team is incompetent as you directly linked the team wallets with the insider wallets buying up 78%+ of the supply. Why do all of you instantly nuke your reputation with meme coin scams?”

The Smash token fell over 91% during the past day, to trade above 0.004 Solana ( SOL ), or $0.53 per token, falling from its all-time high of 0.01 SOL, Dexscreener data shows .

SMASH/SOL, 1-day chart. Source: Dexscreener

Insiders with large token holdings can single-handedly tank a cryptocurrency’s price, by market selling a large percentage of the holdings.

Cointelegraph has approached Chimaev’s team for comment.

Related: $100M Bitcoin liquidated as BTC drops: Will ETF investors panic sell?

Khamzat’s team bought up to 78% of the supply: analyst

According to ZachXBT’s analysis, at least 71% of the supply can be directly linked to insider wallets that were funded by the same Ethereum address that funded the Smash token’s developer address on Solana.

The onchain investigator wrote:

“Using timing analysis confirms 71% insider and dev team wallets is directly linked as they were funded by same address on Ethereum.”

The 24 addresses were funded with a total of 86.2 SOL tokens worth $11,500. These same addresses have bought up 712 million Smash tokens, or 71.2% of the entire supply, according to ZachXBT.

After buying 71% of the supply, the 24 addresses have distributed them across smaller addresses, the analyst’s below chart shows.

SMASH distribution. Source: ZachXBT

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