The CEO of Bubblemaps joined the Space to watch and was treated to an “absolutely savage” show.

The livestreamed introduction of the Rizz (RIZZ) memecoin on X turned into a shocking spectacle as its value plummeted by 90% while viewers watched in disbelief. Bubblemaps CEO Nicolas Vaiman, who was present during the collapse, described the events in a thread titled "This Space was wild" on X.

According to Bubblemaps, RIZZ launched on the Solana platform with a significant $8 million in volume, prompting the founder to introduce the token on a live Space. However, the situation quickly took a turn for the worse.

Bubblemaps highlighted the presence of "bubbles," clusters indicating outsized holdings in a few accounts, on the coin's bubble map. It was revealed that the RIZZ team controlled over 80% of the token's supply, raising concerns about centralization.

Early transactions suggested that the sell-off originated from initial buyers who acquired tokens within minutes of the launch. Vaiman shared that the founder of Rizz, referred to as "Rick," appeared emotional during the livestream, leading to discomfort among participants.

Further investigation by Vaiman suggested that the actual leadership of Rizz might not be in the hands of "Rick" but rather a group of developers from Singapore known for creating meme coins and engaging in rug pulls. These developers allegedly manipulate supply ownership through tactics like receiving tokens from initial deployer wallets and sniping tokens early on with fresh wallets funded by centralized exchanges.

Despite the challenges in tracing these wallets, timing analysis can reveal connections, shedding light on suspicious activities within the Rizz ecosystem. As the fallout from this incident unfolds, it underscores the importance of due diligence and caution in the volatile world of meme coins and cryptocurrencies.