The team behind rapper Sexyy Red’s PRESI token “snapped” or quickly bought up over 90% of the token supply at launch, according to a social media post from on-chain detective ZachXBT. The post was written in response to a since-deleted post by Sexyy Red herself.
“That’s funny, your team shot 90% of the total PRESI supply at launch,” Zach said. He provided a list of addresses that supposedly belonged to team members who purchased the tokens.
ZachXBT also claimed that the team bought 82% of the supply at launch, as per the previous tokens provided by the rapper. He listed an address ending in “jCns” as the “unified address” where the tokens were stored.
According to blockchain data, this address holds approximately 82% of the total supply of the former tokens. Cointelegraph was unable to confirm whether the former tokens were promoted by Sexyy Red.
Janae Wherry, known professionally by her nickname “Sexyy Red,” is an American rapper known for the Top 40 singles “Rich Baby Daddy” and “Get it Sexy.”
On July 2, she promoted a new Solana token on X called “President Red.” The token’s ticker symbol is “PRESI” and the contract address ends with “SsUp.” The post included a video of a rocket ship taking off, the phrase “to the moon,” and “Solana.”
The PRESI token surged in price from 0.000045 SOL (SOL) (around $0.0067) to 0.01 SOL ($1.48) per coin in the first 75 minutes after its launch. It then immediately crashed by more than 50%, falling to 0.0042 SOL ($0.62) per coin (data from cryptocurrency charting platform DEXScreener).
According to ZachXBT’s post, the sudden price surge is partly due to the team’s massive token buy-in. Blockchain data shows that at least some of the reported team addresses purchased large amounts of PRESI from the liquidity pool.
For example, an address ending in “svirD” bought approximately 182 million PRESI from the Raydium liquidity pool at 2:43 AM UTC on July 2, while an address ending in CBnf bought over 69 million PRESI at the same time.
Some of these addresses previously interacted with a token called “Make America Sexy Again (MASA),” with contract addresses ending in “k1M9.” The “unified address” listed in ZachXBT’s post currently holds approximately 819 million MASA tokens, or 82% of the total supply.
During the MIMECOIN launch, insiders often buy large amounts of coins and sell them later for profit, causing the price to crash. Cointelegraph has not been able to verify whether any wallets within this cluster ultimately sold PRESI tokens, nor whether they were owned by team members.
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ZachXBT responded to his post saying he was surprised by the amount of tokens this wallet cluster had bought. “Honestly, buying 90% of the supply is ridiculous,” he said, adding in another response, “It started out at 20-30%, now it’s at 90%.”
Critics often denounce celebrity memecoin launches as pump-and-dump scams. On June 5, Ethereum founder Vitalik Buterin released some criteria that cryptocurrency users should use to determine if a celebrity token provides value to holders and the cryptocurrency community.
In the post, he argued that some celebrity coins could be beneficial to the community if they fund projects such as “healthcare, open-source software, art,” or other public goods.
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