The holiday season often sees a surge in the popularity of Christmas-themed meme coins, which are often found to be rug pulls. One such coin, Rizzmas, experienced a sudden surge just days ago, after a year of unimpressive performance. This surge saw Rizzmas reach an all-time high (ATH) of $98 million.
However, there may be more to this rise than meets the eye. A bubble map generated through INX reveals a significant cluster of wallets with strong connections to each other, indicating a planned and coordinated movement of tokens. Further investigation of the bubble map shows a suspicious level of wallet interconnectivity, potentially leading to artificial price manipulation.
Many within the crypto community confirmed these suspicions, particularly on X, with several users pointing out the risks of such distribution. These warnings were validated when, just 24 hours after reaching its ATH, Rizzmas experienced a sharp 90% decline, touching an ATL of $8 million. The rise and fall of Rizzmas highlight the critical importance of thorough research before investing, particularly in meme coins that rely heavily on holiday-themed hype without substantial support.
As the holiday season progresses, more meme coins will inevitably launch, but they are often poor investment choices, making it essential for investors to be cautious and conduct thorough research before investing.
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<p>The post The Holiday Season’s Meme Coin Risks: Christmas Rugs, Not Gifts first appeared on CoinBuzzFeed.</p>