The team behind rapper Sexyy Red's PRESI token "bought up" more than 90% of the token's total supply at launch, reports analyst ZachXBT. Previously, he says, the team also bought 82% of the supply of another rapper token. 📉

The PRESI token quickly rose in price, from 0.000045 Solana (SOL) to 0.01 SOL per coin in the first 75 minutes after launch, then crashed by more than 50%.

ZachXBT claims that the sharp increase in price is partly due to massive purchases of the token by the team.

Critics often accuse celebrities of launching "meme coins" as "pump and dump" schemes.