Rizz Meme Coin Founder Experiences 90% Value Decline During Live X Presentation
Ruholamin Haqshanas witnessed a drastic 90% drop in the value of Rizz memecoin within minutes of the cryptocurrency founder’s live presentation on X.com. Bubblemaps CEO Nicolas Vaiman, who was also present during the livestream, observed the collapse firsthand. Bubblemaps later took to X to share a thread titled “this space was wild,” providing a detailed account of the events that unfolded.
According to Bubblemaps, $RIZZ had only launched on the Solana platform a week prior with a significant volume of $8 million. The founder was invited to introduce the token during the live Space, but things quickly took a turn for the worse.
RIZZ experienced a crash after Bubblemaps inquired about the concentration of token holders revealed on the coin’s bubble map, showing large holdings in a small number of accounts. The Rizz team claimed to control over 80% of the token’s supply, but early transactions indicated that the sell-off mainly came from initial snipers who had quickly purchased tokens at launch.
Vaiman noted that the founder of Rizz appeared emotional during the event, making him hesitant to ask questions. He also disclosed information from a source suggesting that the actual person behind Rizz, known as “Rick,” was not the one leading the project. Instead, a group of developers from Singapore, known for creating meme coins and engaging in rug pulls, were found to be running the show.
These developers employed tactics to retain a significant portion of the token supply by acquiring tokens from initial deployer wallets and sniping tokens with fresh wallets funded by centralized exchanges. Despite the difficulty in tracing the wallets, timing analysis could reveal connections as they acquired tokens very early on.
In a separate incident, American rapper Waka Flocka Flame faced scrutiny following the controversial 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, but the launch was criticized due to suspicious activity related to the token’s supply.
FLOCKA is just one of many memecoins that have emerged in the trend of “celebcoins,” with notable personalities such as Iggy Azalea, Andrew Tate, Hulk Hogan, and others also launching memecoins on Solana. Binance co-founder Yi He recently raised concerns about cryptocurrency scams on X, questioning whether Musk would intervene to address the issue.
