That memecoin fell 90 percent on live broadcast: Everyone was shocked!

Popular memecoinRizz’s founder faced backlash as the cryptocurrency dropped 90 percent during a livestream on X.

Bubblemaps CEO Nicolas Vaiman was on the broadcast before the crash and was aware of what was going on. Bubblemaps published a thread describing the events in X under the aptly mentioned title “this space was wild”.

According to the title Bubblemaps memecoin RIZZ was launched on the Solana platform last week. The team invited the founder to Space on X to introduce the token live. But as Bubblemaps points out, things went wrong.

It was noteworthy that 80 percent of the cryptocurrency supply was in the team.

The Bubblemaps group learned about “bubbles” (clusters of large holdings in a seemingly small number of accounts) shown on the cryptocurrency’s bubble map. It was later revealed that the team controlled more than 80 percent of the supply.

Cointelegraph reached out to Bubblemaps CEO Nicolas Vaiman, who told us that he was not initially invited to Space and joined unexpectedly. According to him, the founder became emotional during the event. Vaiman said this about the incident:

“When the price dropped, Rizz’s founder seemed emotional and I felt uncomfortable asking questions. “I even thought he might be crying for a while.”

Vaiman also says that a source claimed that Rizz founder “Rick” was not “really responsible.”

With this incident in RIZZ, trust in memecoins decreased. The memecoin market, especially where celebrities have flocked recently, is facing great dangers. The easy production of these cryptocurrencies has increased the rug pull events considerably. The next course of memecoins, which have been absorbing the market for a while, is eagerly awaited.