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Founder Shocked as Memecoin Crashes 90% During Live Spaces Pitch

RIZZ memecoin founder watches in shock as its value drops 90% during live pitch.

Mon, 24 Jun 2024, 04:26 am UTC

During a live Spaces pitch, the RIZZ memecoin founder watched in shock as the cryptocurrency's value plummeted 90%, leaving onlookers and the Bubblemaps CEO visibly shaken by the abrupt downturn.

CEO of Bubblemaps Witnesses RIZZ Memecoin Founder Stunned as Value Plummets 90% During Live Pitch

The CEO of Bubblemaps attended the Space to observe and was subjected to an "absolutely savage" performance, per Cointelegraph.

The Rizz (RIZZ) memecoin's founder was in a precarious position when they pitched their cryptocurrency during a live stream on X. The cryptocurrency's value abruptly plummeted by 90%, shocking onlookers.

Nicolas Vaiman, the CEO of Bubblemaps, had been a member of X Space before the collapse and was aware of the events as they unfolded. Bubblemaps described the events on X in a thread aptly titled "This Space was Wild."

RIZZ was introduced on the Solana platform on June 18, as indicated by the Bubblemaps thread. "The founder was invited to introduce his token on a live Space," the team writes, "with a decent $8M in volume."Nevertheless, as Bubblemaps put it, "things quickly went south."

The Bubblemaps team inquired about the "bubbles" depicted on the coin's bubble map, which are formations that appear to indicate oversized holdings in a limited number of accounts. The thread also stated that "their team promptly verified that they had control over 80% of the supply."

Bubblemaps CEO Reveals Emotional RIZZ Founder Amid 90% Plummet, Suggests Singapore Developers in Control

According to 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.”

Nicolas Vaiman, the CEO of Bubblemaps, informed Cointelegraph that he was not initially invited to the Space and only joined unexpectedly. He stated that the founder experienced an emotional response to 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 asserts that a source claimed that Rizz founder "Rick" was not "actually in charge."

"Instead," stated Vaiman, "a group of developers from Singapore, who were renowned for their work in the development of meme coins and rugging, were in charge."

“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.”

Photo: Microsoft Bing

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