Rizz Memecoin Value Plummets 90% During Livestream; Suspicions Rise Over True Leadership
Summary:
The creator of Rizz memecoin found themselves in a predicament when the digital currency's value abruptly dropped by 90% during a live presentation on X.com. Nicolas Vaiman, CEO of Bubblemaps, observed the event unfold and later outlined the incident in an X.com thread. According to Bubblemaps, $RIZZ was launched on Solana platform last week with an $8M volume. They also revealed that a Singaporean developer team, known for creating meme coins and 'rugging', were believed to be running the operations behind Rizz, not its publicly-known founder "Rick".
The creator of Rizz memecoin found themselves in a dire situation as they presented their digital currency on a live stream on X.com, only to see its value dive by 90%, leaving onlookers stunned. Nicolas Vaiman, CEO of Bubblemaps, was present in the virtual room before the dramatic drop and witnessed events unfold in real time. Bubblemaps afterwards detailed the incident in a thread on X.com, titled aptly as "this space was wild."
Bubblemaps thread reveals that $RIZZ was introduced last week on the Solana platform. Accompanied by a respectable $8M in volume, the founder was invited to present his token in real-time on a live Space. But as Bubblemaps explains, the situation took a swift downturn.
When Bubblemaps team raised questions about the "bubbles" — large holdings focused in a handful of accounts — displayed on the coin's bubble map, they confirmed quickly that more than 80% of the supply was under their control.
Bubblemaps analysis indicates that it seemed like the large sell-off mainly came from early buyers who got hold of the token within the opening minutes of its launch.
Bubblemaps CEO, Nicolas Vaiman, told Cointelegraph upon reaching out, that he hadn't been invited to the Space originally and joined impromptu. He recalled the founder's heightened emotional state during the event. The devastating drop in price led to an emotional reaction from the Rizz founder making it hard for Vaiman to ask any questions. He even suspected that the founder might have been on the verge of tears.
Further, Vaiman indicated that an informant suggested that the Rizz founder, known as "Rick," wasn't really at the helm. Instead, Vaiman explained, a team of developers from Singapore, notorious for creating meme coins and 'rugging', were in control.
He explained these developers attempt to withhold a significant fraction of the supply by accepting tokens from initial deployer wallets and quickly buying tokens using newly funded wallets through centralized exchanges. This strategy makes tracking the wallets challenging, but timing analysis can unveil links as they quickly purchase tokens.
Published At
6/22/2024 10:26:35 PM
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