The creator of the Rizz (RIZZ) memecoin found themselves in a precarious situation while presenting their cryptocurrency live on X. To the astonishment of onlookers, the value of the coin suddenly plummeted by 90%.
Nicolas Vaiman, the CEO of Bubblemaps, had joined X Space before the collapse and was aware of the unfolding events. Bubblemaps shared a post on X titled “This Space was wild,” detailing the incident.
As per the Bubblemaps post, RIZZ was launched on the Solana platform on June 18. The team states, “With a respectable $8M in volume,” the founder was invited to introduce the token during a live session. However, things quickly took a turn for the worse, as Bubblemaps describes it.
Bubblemaps team members inquired about the “bubbles” observed on the coin’s bubble map, which appeared to represent significant holdings in a few accounts. The thread also revealed that “their team quickly confirmed they controlled over 80% of the supply.”
According to Bubblemaps, “early transactions suggest that the majority of the sell-off came from initial snipers who were able to purchase the token within minutes of its launch.”
Cointelegraph contacted Bubblemaps CEO Nicolas Vaiman, who revealed that he was not initially invited to the live session but joined unexpectedly. He stated that the founder became emotional during the event.
Vaiman also mentioned that a source claimed that the actual person in charge was not “Rick,” the Rizz founder. Instead, a group of developers from Singapore, known for creating meme coins and engaging in fraudulent activities, were running the show.