The founder of the Rizz meme coin found themselves in a precarious position while pitching their cryptocurrency during a live space on X.com when its value suddenly plummeted by 90% as onlookers watched in shock.
Bubblemaps CEO Nicolas Vaiman had joined the space prior to the collapse and was privy to happenings as they occurred. Bubblemaps posted a thread describing the events on X under the aptly worded heading “this space was wild.”
This Space was wild
The founder of $RIZZ was pitching live when we saw huge clusters on his bubble map
We asked about it and the price suddenly dropped by 90%, leaving everyone stunned
Here’s what happened 🧵 ↓ pic.twitter.com/URSraFIqF4
— Bubblemaps (@bubblemaps) June 21, 2024
According to the Bubblemaps thread, $RIZZ launched last week on the Solana platform. “With a decent $8M in volume,” the team writes, “the founder was invited to introduce his token on a live Space.” However, as Bubblemaps put it, “things quickly went south.”
The Bubblemaps team inquired about the “bubbles” — clusters apparently demonstrating outsized holdings in a small number of accounts — shown on the coin’s bubble map.
The thread also mentioned that “their team quickly confirmed they controlled over 80% of the supply.”
Per Bubblemaps, “looking at early transactions, it seems the sell-off mostly came from initial snipers who managed to buy within the first minutes of the token launch.”
Cointelegraph reached out to Bubblemaps CEO Nicolas Vaiman who told us that he wasn’t initially invited to the Space and joined unexpectedly.
According to him, the founder became emotional during the event.
“When the price collapsed, the founder of Rizz sounded emotional, and I felt uncomfortable asking questions. At one point, I even thought he might be crying.”
Vaiman also says that a source claimed that Rizz founder “Rick” wasn’t “actually in charge.”
“Instead,” said Vaiman, “a group of devs from Singapore, known for creating meme coins and rugging, were running things.”
“These devs try to keep a large portion of the supply by receiving tokens from the initial deployer wallets and sniping tokens with fresh wallets funded by centralized exchanges. This makes tracing the wallets difficult, but timing analysis can reveal connections as they snipe tokens very early.”
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