The Solana memecoin space has hit peak nostalgia this week. Zack Morris from the 90s hit show "Saved by the Bell" is the latest face of Solana memecoins. That's right—the charming troublemaker of Bayside High is back and this time he’s wooing investors instead of Kelly Kapowski.
Thirty years later the teenage heart-throb is the face of the Solana token everyone is talking about: $ZACK. Initially, it seemed like this token might be more Screech than Zack—awkward and a bit out of place—as it spent 36 hours bouncing between a $100K and $1M market cap leaving many to wonder if this was just another gimmick.
But just like Zack, this token had a surprise up its sleeve. By day three, $ZACK entered what the crypto world calls "up-only mode," skyrocketing nearly 900% from its weekend lows. The holder count also surged, adding over 4,000 new holders and surpassing 10,000 by the time of writing. Even with such impressive growth, ZACK’s market cap is currently pushing $100M, and there's no saying how high it might go.
Vocal in his support of $ZACK, parody account MrZackMorris boasts a following of more than 500,000 and is no stranger to controversy having previously attracted the attention of the SEC.
In December 2022, the SEC took legal action against Atlas Trading and Edward Constantinescu (MrZackMorris) for allegedly defrauding investors of $100 million. Atlas Trading gained notoriety during the pandemic and the meme stock frenzy, becoming a staple of the FinTwit phenomenon through their promotion of various penny stocks.
The alleged scheme involved acquiring large positions in penny stocks, hyping them on social media, and then selling them for a hefty profit while followers were left holding the bag. Despite charges being dropped earlier this year, it has led to some skepticism around the $ZACK memecoin. Critics, or perhaps those who simply missed their chance to get in early, are questioning whether it is a genuine investment or just another elaborate scheme orchestrated by the infamous Cabal of Crypto Twitter?
Crypto enthusiasts love to talk about this mysterious Cabal, the shadowy group purportedly pulling the strings behind the scenes. With Zack's meteoric rise, one can't help but wonder if the Cabal is at it again, this time with a Bayside twist. Are the same players from the 2022 debacle back in action? Is this just another episode in the never-ending sitcom of crypto?
Zack Morris, the perpetual schemer, might just be the perfect mascot for this new phase of Solana memecoins. Whether you’re an investor hoping to ride the wave or just here for the drama, it’s clear that $ZACK is more than just a trip down memory lane. It’s a reminder that in the crypto world, anything is possible, and you never know when you might be “Saved by the Cabal.”
As we wait to see what happens next, keep an eye out for MrZackMorris on Twitter and remember: in the world of crypto, the Cabal is always lurking.