Rizz Meme Coin Founder Experiences 90% Value Plunge During Live Presentation on X
Ruholamin Haqshanas
Updated: June 23, 2024 12:00 EDT | 2 min read
The value of Rizz memecoin took a nosedive of 90% within minutes as the founder of the cryptocurrency appeared in a live presentation on X.com. Bubblemaps CEO Nicolas Vaiman, who was present during the livestream, witnessed the dramatic downfall firsthand.
After the incident, Bubblemaps took to X to share a thread titled “this space was wild,” outlining the series of events that unfolded. According to Bubblemaps, $RIZZ had recently launched on the Solana platform with a significant volume of $8 million.
The founder was invited to introduce the token during the live Space event, but things quickly spiraled out of control, as described by Bubblemaps. The livestream revealed that the RIZZ team held over 80% of the token’s supply.
However, initial transactions indicated that the sell-off primarily came from early snipers who had swiftly purchased the tokens at the launch. Vaiman mentioned that the founder of Rizz appeared emotional during the presentation, which made him hesitant to ask questions.
Vaiman also shared information from a source suggesting that the actual person in charge of Rizz, known as “Rick,” was not leading the project. Instead, a group of developers from Singapore, known for creating meme coins and engaging in rug pulls, were behind the scenes.
These developers adopt tactics to retain a significant portion of the token supply by acquiring tokens from initial deployer wallets and sniping tokens with freshly funded wallets from centralized exchanges, making it challenging to trace the wallets.
In a separate incident, American rapper Waka Flocka Flame faced scrutiny following the launch of his memecoin on the Solana blockchain network. The rapper announced the launch of the Solana-based token FLOCKA on social media platform X, which soon drew criticism due to suspicious activities related to the token’s supply.
FLOCKA is just one among several memecoins that have emerged in the trend of “celebcoins,” with personalities like Iggy Azalea, Andrew Tate, Hulk Hogan, and others also launching memecoins on Solana. Binance co-founder Yi He raised concerns about the increase in cryptocurrency scams on X, questioning whether Musk would address the issue.