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.
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
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