The founder of the Rizz (RIZZ) memecoin experienced a dramatic downturn during a live pitch on X, as the cryptocurrency’s value plummeted by 90% in real-time, leaving viewers in shock.
Nicolas Vaiman, CEO of Bubblemaps, joined the X Space just before the collapse and witnessed the events unfold. Bubblemaps detailed the incident in a thread on X with the heading, “This Space was wild.”
According to Bubblemaps, RIZZ was launched on the Solana platform on June 18.
“With a decent $8M in volume,” the team noted, “the founder was invited to introduce his token on a live Space.”
“However, things quickly deteriorated.
The Bubblemaps team raised questions about the “bubbles” – clusters showing large holdings in a few accounts – displayed on the coin’s bubble map.
The thread revealed that “their team quickly confirmed they controlled over 80% of the supply.”
Bubblemaps indicated that early transactions suggested the sell-off was driven mainly by initial snipers who bought within the first minutes of the token launch.
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Cointelegraph reached out to Nicolas Vaiman, who revealed he joined the Space unexpectedly. During the event, the founder became emotional.
“When the price collapsed, the founder of Rizz sounded emotional, and I felt uncomfortable asking questions. At one point, I even thought he might be crying,” Vaiman said.
Vaiman also mentioned a claim that Rizz founder “Rick” wasn’t actually in control. “Instead,” he said, “a group of devs from Singapore, known for creating meme coins and rugging, were running things.”
“These devs try to keep a large portion of the supply by receiving tokens from the initial deployer wallets and sniping tokens with fresh wallets funded by centralized exchanges.
This makes tracing the wallets difficult, but timing analysis can reveal connections as they snipe tokens very early.”
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