The founder of Rizz memecoin experienced a dramatic setback during a live pitch on X (formerly Twitter) Spaces, witnessing the token's value plummet by 90% in real-time. The incident was exacerbated by questions from Bubblemaps CEO Nicolas Vaiman, who joined the session and highlighted significant concerns regarding the token’s ownership concentration. It was revealed that a small number of accounts controlled over 80% of the supply, sparking a massive sell-off by early buyers.
The live event turned emotional as the founder struggled to address the sudden collapse. Vaiman disclosed that the founder might not be in full control of the project, hinting at a possible involvement of developers known for similar schemes.
This incident underscores the volatility and risks associated with meme coins and highlights the importance of transparency and robust token distribution.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
