That memecoin fell 90 percent on live broadcast: Everyone was shocked!

The founder of popular memecoin Rizz faced backlash after the coin dropped 90 percent during a livestream on X.

Bubblemaps CEO Nicolas Vaiman attended the broadcast before the crash and was aware of what was going on. Bubblemaps published a thread describing the events at X under the aptly worded title "this space was wild."

According to the Bubblemaps thread, memecoin RIZZ was launched on the Solana platform last week. The team invited the founder to Space on X to introduce the token live. But as Bubblemaps points out, things took a turn for the worse.

Cointelegraph reached out to Bubblemaps CEO Nicolas Vaiman, who told us that he was not initially invited to Space and joined unexpectedly. According to him, the founder got emotional during the event. Vaiman said this about the incident:

“When the price dropped, Rizz's founder seemed emotional and I felt uncomfortable asking questions. “At one point I even thought he might be crying.”

Vaiman also says a source claimed Rizz founder “Rick” wasn’t “really responsible.”

With this incident in RIZZ, trust in memecoins decreased. The memecoin market, especially where celebrities have flocked recently, is facing great dangers. The easy production of these cryptocurrencies has increased the number of rug pull cases. The next course of memecoins, which have been absorbing the market for a while, is eagerly awaited.