$ANSEM Frenzy: A Case Study in Influencer Memecoins

A cluster of competing Solana memecoins built around the online identity of crypto influencer Ansem has taken off in value, one version reaching tens of millions in market cap within a couple weeks. However, it's essential to note that Ansem did not create most of these coins and has publicly disavowed several.

Ansem, whose real name is Zion Thomas, is one of the most-followed voices in crypto with a million followers on X, thanks to his early correct calls and technical credibility. He was an early supporter of Solana and memecoins like Dogwifhat and Bonk, and he holds a research role at an investment firm.

The problem with influencer memecoins is that they can create unrealistic expectations, attracting speculative buying on attention alone. This has led to accusations against Ansem of promoting low-cap coins that spike and then collapse, although these remain accusations rather than proven findings. He has admitted supporting some celebrity-backed memecoins was a mistake due to misaligned incentives hurting retail investors.

The dominant 'Black Bull' version on Pump.fun saw a market cap in the tens of thousands climb to tens of millions within 10-12 days, but this figure doesn't hold up against live on-chain data. This is a reminder to verify the actual contract before trusting a headline number.