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Cryptocurrencies constantly surprise us with new and interesting events. The latest incident was shocking. Imagine a company’s shares suddenly dropping by 90% during a live speech by its founder. It’s like a movie scene and not something we expect in real life. However, in crypto, many things are possible.
Altcoin Drops by 90%
Bubblemaps CEO Nicolas Vaiman joined a Space broadcast on the social media platform X. During the live introduction of the RIZZ Token by its team, the price suddenly plummeted. Nicolas, who described it as “brutal,” seemed genuinely surprised. The token team appeared more saddened.
RIZZ Token was launched on the Solana network last week, reaching a decent volume of 8 million dollars. These figures are satisfactory for new meme coins.
The Bubblemaps team provided information about the “bubbles” shown on the coin’s bubble map during the broadcast. A notable detail was that a few accounts held large accumulations. Roughly 80% of the supply was controlled by the team. So, who were the sellers during the live broadcast? According to Bubblemaps, the sellers were those who managed to buy at very low prices in the initial minutes of the token launch.
Bubblemaps CEO Nicolas Vaiman mentioned that he was not invited to this Space broadcast but joined unexpectedly, and the drop was triggered while he was explaining the holder table. According to him, the meme coin founding team became overly emotional during the event.
“When the price dropped, the Rizz founder’s voice sounded emotional, and I felt uncomfortable asking questions. At one point, I even thought he might be crying.”
RIZZ Token
Vaiman also claims that a source says Rizz’s founder “Rick” is “not actually authorized.” There are many scams on the Solana network, and most meme coins flare up like a flash in the pan, causing significant losses for inexperienced investors. This latest incident happened suddenly while the holder profile was being examined, but we have already seen much more.
In his final comment, Vaiman highlights the risk for RIZZ Token;
“A group of developers from Singapore, known for creating meme coins and rugging, were running the show. These developers try to hold a large portion of the supply by taking tokens from the initial distributor wallets and transferring them to new wallets funded by centralized exchanges. This makes tracking the wallets difficult, but timing analysis can reveal connections as they grabbed tokens very early.”
