ZachXBT: Rapper Sexyy Red's Team Sniped 90% of Their Own PRESI Token Launch
The launch of rapper Sexyy Red’s PRESI token has come under scrutiny following revelations that her team sniped over 90% of the token's supply. Onchain investigator ZachXBT revealed the findings on X in response to a now-deleted tweet from the American rapper.
ZachXBT's post included a list of addresses purportedly belonging to team members who bought significant amounts of the token at launch. He pointed out that a previous token associated with Sexyy Red also saw 82% of its supply purchased by the team at launch. Blockchain data confirms that an address ending in "jCns" holds about 82% of that previous token's total supply, although it remains unclear if Sexyy Red actively promoted this earlier token.
On July 2, Red promoted a new Solana-based token named "President Red" (PRESI), featuring a video of a rocket launch with the tagline "to the moon." The token saw an initial price surge from $0.0067 to $1.48 within the first 75 minutes post-launch. However, it quickly plummeted by more than 50%, settling at $0.62.
ZachXBT attributed this price volatility to the team's substantial purchases. Blockchain records show that addresses linked to team members bought large quantities of PRESI from the liquidity pool. For instance, an address ending in "svirD" purchased nearly 182 million PRESI from the Raydium liquidity pool at 2:43 am UTC on July 2, while another address ending in "CBnf" bought over 69 million PRESI simultaneously.
These addresses have also interacted with a similarly named token, "Make America Sexy Again" (MASA), whose contract address ends in "k1M9." The consolidation address mentioned in ZachXBT’s post holds nearly 819 million MASA tokens, representing 82% of its total supply.
In a follow-up comment, ZachXBT expressed his surprise at the extent of the team's purchases, stating, "Buying up 90% of the supply is just hilarious tbh." He noted that initial estimates were around 20-30%, but they escalated to 90%.
