$RIZZ Token was launched on the Solana chain three days ago. As its popularity gradually increased, the founder promoted his own meme coin through Space, an audio space. However, the audience witnessed a sudden 90% price drop.
(Previous summary:
Did Binance go against its original intention and list VC coins? He Yi: If they don’t, market funds will be diverted to meme coins, Shiba Inu, etc.
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(Background information:
Is listing on exchanges just empty talk? Bybit and OKX refuse to list TRUMP: Political meme coins are too sensitive.
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In the past few years, live streaming sales have become a very common marketing method in the Web2 business model. Recently, meme coin founders or KOLs in the cryptocurrency industry have often interacted with investors and communities through live streaming. In a live stream on platform X yesterday (22nd), while a meme coin founder was promoting his own meme coin through Space, the audience witnessed a sudden 90% price plunge.
Wallets holding up to 82% of the tokens
$RIZZ Token was launched on the Solana chain three days ago. With a trading volume of up to $8 million, the founder of $RIZZ, @NoKapRich, was invited to promote his token in the live stream. However, at the same time, $RIZZ was suddenly sold in large quantities, causing its price to plummet 90%. The name of the live stream was immediately changed to “Fraud Investigation.”
The investigation team of the visualized platform Bubblemaps asked about the distribution of token holders shown on the token’s association map during the live stream. In fact, according to the visualized chart, a small number of accounts held a large proportion of $RIZZ tokens. The investigation team quickly confirmed that they controlled over 80% of the supply.
$RIZZ Token concentration | Source: Bubblemaps
Founder choked up in response: It wasn’t me selling
According to Bubblemaps’ investigation, early trades showed that the selling mainly came from initial sniper trades, not the aforementioned associated wallets. They successfully bought the tokens within the first few minutes of token release, giving them a relatively high amount of holdings, which led to the subsequent crash and triggered panic selling in the market.
Early snipers selling $RIZZ tokens | Source: Bubblemaps
After the price plummeted, $RIZZ founder @NoKapRich was bombarded by an angry community on Space. When responding to some sarcastic questions, he became emotional and even choked up, stating that the selling came from KOLs. However, although it was the wallets deployed early on, suspicions regarding @NoKapRich cannot be ruled out.
Bubblemaps stated that the actual operation behind $Rizz meme coin is likely a group of developers from Singapore, known for creating meme coins and conducting “Rug Pull” scams. These developers receive tokens from the initial deployer’s wallet and use new wallets funded by centralized exchanges to sniper the tokens, retaining a majority of the supply to conceal their true identity and actions. @NoKapRich is probably just their scapegoat.
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