The live broadcast of meme coins became a tragedy!
With the rise of major audio and video platforms and the introduction of live broadcast functions on social platforms, "live streaming of goods" has become a common business model in daily life.
Such marketing techniques are booming in the cryptocurrency industry. Many meme coins will create topics through live broadcasts and Space on the X platform. Some meme coin founders will even use "live broadcast performances" to create topics. , hoping to increase popularity.
However, just last Saturday (22nd), a live broadcast of meme coins that was supposed to be unremarkable turned out to be a tragedy, which once again made people see the risks and instability of the meme currency market.
Coin price crashed 90% without warning
According to the post-investigation report of blockchain data Bubblemaps, this was a Space held on the X platform. The organizer invited @NoKapRich, the founder of the meme currency Rizz ($RIZZ), to introduce his meme currency. Released on the Solana blockchain on June 18, it set a record of $8 million in transaction volume in just 3 days.
While the founder @NoKapRich was promoting $RIZZ coin, he suddenly witnessed its price plummeting by 90% in just a few minutes. As a result, what was originally an event to increase the popularity of $RIZZ coin turned into a... A disaster.
Surprise at the scene
Nicolas Vaiman, the CEO of Bubblemaps at the time, was also invited to participate in Space and was one of the witnesses of this live broadcast tragedy. He pointed out that everyone started bombarding founder @NoKapRich with questions when the price plummeted, and @NoKapRich seemed unable to control his emotions in the face of the price plummet.
@NoKapRich claimed that the plummeting situation was caused by KOL’s malicious selling. However, according to Bubblemaps’ investigation afterwards, the massive selling of $RIZZ coins came from a few accounts, which controlled more than 80% of the supply.
According to Bubblemaps’ analysis, most of the funds in these accounts came from early snipers, most likely behind a group of developers from Singapore known for their memecoin scams in the past, who were behind the coin within the first few minutes of its release. , utilizing initial deployer wallets to receive the tokens, and new wallets funded by centralized exchanges to snipe the tokens, thereby retaining much of the supply and selling off heavily during the live broadcast.
According to sources, the founder @NoKapRich was probably unaware of this incident and was just used as a scapegoat by the team. They first helped him issue meme coins, and then deployed contracts to snipe the tokens and sell them higher. , but this news remains to be confirmed.
For investors who purchased $RIZZ and suffered losses, this incident was undoubtedly a heavy blow. Many people expressed their dissatisfaction with the founder @NoKapRich on social media, and some even asked relevant departments to intervene in the investigation and hold them accountable. .
Finally, Bubblemaps also quoted a classic video, which is the famous live broadcast tragedy - Squid Coin $SQUID. At that time, an investor live broadcasted the process of buying $SQUID, but during the live broadcast, he witnessed the value of $SQUID return to zero. For a moment, Bubblemaps sighed: "Smashing the market during a live broadcast is a very barbaric act."
This incident once again reminds us that the cryptocurrency market is full of risks and uncertainties. Investors should conduct full investigation and risk assessment before making any investment to avoid losses due to temporary enthusiasm and greed.
