The launch of rapper Sexyy Red's PRESI token saw the team quickly acquiring over 90% of the token's supply, sparking concerns of insider trading. Onchain investigator ZachXBT revealed addresses linked to team members who made significant token purchases. This isn't the first time, as a previous token by the rapper also had 82% of its supply bought by the team at launch. The sudden surge in PRESI's value, followed by a sharp decline, raised eyebrows, with suspicions of pump-and-dump tactics. Critics often criticize celebrity token launches as scams. Ethereum founder Vitalik Buterin outlined criteria for evaluating celebrity tokens' value to the crypto community. The incident highlights the risks associated with celebrity-backed tokens and the importance of transparency in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news