That Chest Coin Dropped 90 Percent on Live Broadcast!

The cryptocurrency market was once again shaken by an incredible event. The founder of chest coin named Rizz (RIZZ) was left in a difficult situation on live broadcast when the coin’s value suddenly dropped by 90%. Here are the latest developments regarding the chest coin project…

He gets the power to coin his chest

The cryptocurrency market continues to witness incredible events lately. The founder of the memecoin named Rizz (RIZZ) was left in a difficult situation during the live broadcast when the coin’s value suddenly dropped by 90%. While this incident once again reveals the risks in the cryptocurrency market, it reminds investors that they should be careful and always do thorough research. Bubblemaps CEO Nicolas Vaiman attended Space, which took place on the X platform before the crash, and had the opportunity to follow the development of events closely. The Bubblemaps team described what happened as “This Space is crazy!” He shared a post on the X platform with the title:

According to the Bubblemaps post, Rizz was released on the Solana platform on June 18. The group says the founder was invited to promote the token on live Space “with a suitable process volume of $8 million.” However, in the words of Bubblemaps, “things got out of hand.” The Bubblemaps team wanted to get information about the “bubbles” seen on the coin’s bubble map. These bubbles indicated that a large amount of tokens were held in a seemingly small set of accounts. The post also stated that “the team controls more than 80% of the supply.”

The founder was essentially uninvited

Looking at the early period according to Bubblemaps, it seems that the sell-off was mostly due to “sniping” investors who managed to buy in the first minutes of the token launch. Vaiman later said that he was not initially invited to Space and joined Space unexpectedly. According to Vaiman, the founder had an emotional breakdown during the activity. “When the price crashed, Rizz’s founder seemed emotional and I felt uncomfortable asking questions. “I even thought he was crying for a while.” Vaiman said. Vaiman also said that a source claimed that Rizz founder “Rick” was not “actually responsible.”

“Instead, a cluster of Singaporean developers known for creating chest coins and ‘rug pulls’ appeared to be running the whole thing,” Vaiman said. he added. cryptokoin.com As we have reported, the term “Rug pull” refers to a fraudulent move in which the developers of a cryptocurrency suddenly sell a large portion of the supply in order to seize investors’ funds. Vaiman used the following words:

These developers are trying to control a large part of the supply by purchasing tokens from primary distributed wallets and sniping tokens with new wallets funded from centralized exchanges. This makes it difficult to track wallets, but timing analysis can reveal their contacts as they snipe tokens too early.