The founder of Rizz memecoin found himself in a precarious position while promoting his cryptocurrency during a live stream on X.com, as onlookers watched in shock as the value of his cryptocurrency suddenly plummeted 90%.
Nicolas Vaiman, CEO of Bubblemaps, joined the space before the collapse and was well aware of what was happening. Bubblemaps posted a thread describing the incident at
According to the Bubblemaps thread, $RIZZ was launched on the Solana platform last week. “Founders with a sizeable $8 million stake are invited to introduce their tokens on a live Space,” the team wrote. But as Bubblemaps puts it, “things got worse quickly.”
The Bubblemaps team inquired about the “bubbles” (clusters showing large holdings in a few accounts) shown on the coin’s bubble map. The thread also noted that “their team quickly confirmed that they had over 80% of the supply under control.”
According to Bubblemaps, “Looking at early trading, it appears that most of the selling came from early shooters who made purchases within the first few minutes of the token launch.”
Cointelegraph reached out to Bubblemaps CEO Nicolas Vaiman, who said he was not initially invited to Space but joined unexpectedly. According to him, the founder became emotional during the event.
“When prices plummeted, I felt uncomfortable asking questions because the Liz founder’s tone was emotional. “At some point, I thought he might be crying,” he said.
Vaiman also said a source claimed Rizz founder “Rick” was not “actually in charge.”
“Instead, it was run by a group of developers from Singapore who are known for creating and lugging meme coins,” Vaiman said.
“These developers receive tokens from initial distributor wallets and attempt to maintain a significant portion of the supply by sniping tokens into new wallets funded by centralized exchanges. This makes wallet tracking difficult, but timing analysis can reveal connectivity as tokens are sniped very early.”