Meme Coin live streaming goods suddenly plummeted 90%! The founder burst into tears: I didn’t sell it...

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In the past few years, live streaming has become a very common marketing method in the Web2 business model. Recently, in the cryptocurrency industry, meme currency founders or KOLs often interact with investors and communities through live broadcasts. Yesterday (22nd), in a live broadcast on the X platform, a meme currency founder promoted his own meme currency through Space (information space). At the same time, the audience witnessed its price suddenly plummeting by 90%.

Related wallets hold up to 82% of tokens

The $RIZZ token was launched on the Solana chain three days ago. With the transaction volume reaching $8 million, $RIZZ founder @NoKapRich was invited to promote his token in the live broadcast space. However, at the same time, $RIZZ suddenly It was heavily sold, the price instantly collapsed by 90%, and the name of the live broadcast was immediately changed to "Fraud Investigation."

The investigation team of on-chain visualization platform Bubblemaps asked during the live broadcast about the distribution of token holders displayed on the token correlation graph, because in fact, according to the visualization graph, a small number of accounts hold a large proportion of $RIZZ tokens, investigation The team quickly confirmed that they controlled more than 80% of the supply.

$RIZZ token is too concentrated|Source: Bubblemaps

The founder choked up during the live broadcast and replied: I didn’t sell it.

According to Bubblemaps’ investigation, early transactions show that the sell-off mainly came from the initial sniper (ambush in advance) transactions, not the above-mentioned associated wallets. They successfully bought the token within the first few minutes of its release, allowing them to also have a relatively high holding position. There was a large amount, which led to the subsequent plunge, which subsequently triggered panic selling in the market.

$RIZZ early snipers sell tokens|Source: Bubblemaps

After the price plummeted, $RIZZ founder @NoKapRich was bombarded by the angry community on Space. He got emotional and choked up when responding to some harsh questions, and said that these sell-offs came from KOLs. However, although it was caused by an early deployed wallet, the suspicion related to @NoKapRich cannot be ruled out.

Bubblemaps said that the actual operation behind the meme currency $Rizz may be a group of developers from Singapore, who are famous for creating meme coins and conducting "Rug Pull" scams. These developers receive tokens from the wallets of the initial deployers. And used new wallets funded by centralized exchanges to snipe the tokens, retaining most of the supply, thereby concealing their true identity and behavior, and @NoKapRich is probably just their scapegoat.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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