Rizz Meme Coin Founder Witnesses 90% Drop in Value During X Live Presentation
The value of Rizz memecoin plummeted by 90% in minutes after the founder of the cryptocurrency went in a live presentation on X.com.
Bubblemaps CEO Nicolas Vaiman, who had joined the livestream, witnessed the collapse firsthand.
Bubblemaps later shared a thread on X, aptly titled “this space was wild,” detailing the sequence of events.
According to Bubblemaps, $RIZZ had launched on the Solana platform just a week prior with a substantial volume of $8 million.
The founder was invited to introduce the token during the live Space. However, as Bubblemaps described, things quickly went awry.
RIZZ Crashes After Token Holder Concentration Revelation
During the livestream, Bubblemaps inquired about the “bubbles” showcased on the coin’s bubble map, which indicated significant holdings in a small number of accounts.
3/ In this clip, our CEO @nickybubbly jumped in to inquire about the huge clusters visible on the bubble map
Their team quickly confirmed they controlled over 80% of the supply pic.twitter.com/eilc7rX6qr
— Bubblemaps (@bubblemaps) June 21, 2024
The Rizz team claimed it controlled over 80% of the token’s supply.
However, early transactions suggested that the sell-off predominantly came from initial snipers who had managed to purchase the tokens within minutes of the launch.
Vaiman described the founder of Rizz as becoming emotional during the event, which made him hesitant to ask questions.
“At one point, I even thought he might be crying,” he said.
Vaiman also disclosed information from a source claiming that the actual person in charge of Rizz, known as “Rick,” was not at the forefront.
Instead, a group of developers from Singapore, known for creating meme coins and engaging in rug pulls, were running the show.
“These developers attempt to retain a significant portion of the token supply by receiving tokens from the initial deployer wallets and sniping tokens with fresh wallets funded by centralized exchanges,” explained Vaiman.
This tactic makes it difficult to trace the wallets, but timing analysis can reveal connections as they snatch up tokens very early on.
Shady Meme Coin Drops
Last week, American rapper Juaquin James Malphurs, better known as Waka Flocka Flame, came under scrutiny after the controversial launch of his memecoin on the Solana blockchain network.
The rapper from Atlanta took to social media platform X on Monday morning to announce the launch of the Solana-based token FLOCKA, sharing its ticker symbol and contract address with his 1.8 million followers.
However, the launch soon faced criticism as blockchain sleuth ZachXBT pointed out suspicious activity related to the token’s supply.
ZachXBT highlighted that a fresh wallet, likely funded via an exchange, quickly acquired around 40% of the token’s supply and dispersed it to alternative wallets.
FLOCKA is just one of many memecoins that have emerged in the recent trend of “celebcoins.”
Notable personalities such as rapper Iggy Azalea, Andrew Tate, former professional wrestler Hulk Hogan, and others have also launched memecoins on Solana.
Rapper Lil Pump even went as far as getting a tattoo of the word “Solana” on his forehead.
Just recently, Binance co-founder Yi He raised concerns about the proliferation of cryptocurrency scams on X, questioning whether Musk would take action to tackle the issue.
