$RIZZ token was launched on the Solana chain three days ago. As its popularity gradually increased, the founder promoted his own meme token through Space. However, the audience witnessed a sudden 90% price drop.
In recent years, live streaming has become a common marketing method in the Web2 business model. Recently, meme token founders or KOLs in the cryptocurrency industry have often interacted with investors and communities through live streaming. Yesterday (22nd), during a live stream on the X platform, while a meme token founder was promoting his own meme token through Space, the audience witnessed a sudden 90% price crash.
Related wallets hold 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 space. However, at the same time, $RIZZ was suddenly dumped in large quantities, causing the price to plummet 90%. The live stream was immediately renamed “Scam Investigation.”
The investigation team at the visualized platform Bubblemaps asked about the distribution of token holders shown on the token-related graph during the live stream. In reality, according to the visualization 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.
According to Bubblemaps’ investigation, early trading showed that the majority of the dumps came from initial sniper trades, not from the aforementioned associated wallets. These snipers successfully bought in within the first few minutes of token release, giving them relatively high holdings, which led to the subsequent crash, triggering panic selling in the market.
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, claiming that these dumps came from KOLs. However, although it was the wallets deployed early on, suspicions related to @NoKapRich cannot be ruled out.
Bubblemaps stated that the actual operators behind the $Rizz meme token could be a group of developers from Singapore who are known for creating meme tokens and conducting “Rug Pull” scams. These developers receive tokens from the initial deployer wallet and use new wallets funded by centralized exchanges to conduct sniper attacks on the tokens, retaining the majority of the supply, thus concealing their true identities and actions. @NoKapRich is likely just their scapegoat.
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