Cryptocurrencies

Rizz memecoin founder found himself in a precarious situation while promoting his coin

Rizz memecoin founder found himself in a precarious situation while promoting his cryptocurrency during a live stream on X.com when its value suddenly dropped 90% to the shock of viewers .

Nicola Vaimann, CEO of Bubblemaps, joined the space before the crash and was aware of the events as they unfolded. Bubblemaps posted a thread describing the events on X under the aptly worded title “This Space Was Wild.”

source: Bubble cards.

According to the Bubblemaps thread, $RIZZ launched last week on the Solana platform. “At a decent size of $8 million, the founder was invited to showcase his token in a live space,” the team wrote. However, as Bubblemaps puts it, “things quickly went wrong.”

The Bubblemaps team learned about the “bubbles” – groups that appear to show huge holdings in a small number of accounts – shown on the currency bubble map. The thread also stated that “their team quickly confirmed that they controlled over 80% of the view.”

source: Bubble cards.

According to Bubblemaps, “looking at early transactions, it appears that sales are primarily coming from early shooters who were able to purchase within the first few minutes of the token launch. »

Cointelegraph reached out to Nicholas Vaiman, CEO of Bubblemaps, who told us he was not initially invited to the space and joined unexpectedly. According to him, the founder became emotional during the event.

“When the price crashed, the founder of Rizz seemed emotional and I felt uncomfortable asking questions. At one point I thought he was going to cry.

Vaiman also says that a source claimed that Rizz founder “Rick” was not “actually responsible.”

“Instead, there was a group of developers from Singapore, known for creating coins and mats, and running things,” Faiman said.

“These developers attempt to maintain a large portion of supply by receiving tokens from initial deployment wallets and pulling tokens with new wallets funded by centralized exchanges. This makes tracking wallets difficult, but temporal analysis can reveal connections because they cut tokens too early.

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