The team behind rapper Sexyy Red’s PRESI token “sniped” or quickly bought more than 90% of the token’s supply at launch, according to a social media post from onchain sleuth ZachXBT. The post was made in reply to a now-deleted X post from Sexyy Red herself.

“Hilarious your team just sniped like 90% of the PRESI total supply at launch,” Zach stated. He provided a list of addresses that purportedly belonged to team members who had purchased the token.

A previous token offered by the rapper also had 82% of its supply bought up by the team at launch, ZachXBT claimed. He listed an address ending in “jCns” as a “consolidation address” where the tokens became stored. Blockchain data shows that this address holds approximately 82% of the total supply of that previous token. Cointelegraph could not determine whether the previous token was promoted by Sexyy Red.

Source: ZachXBT

Janae Wherry, known professionally as “Sexyy Red,” is an American rapper known for her top-40 singles “Rich Baby Daddy,” “Looking for the Hoes (Ain’t My Fault),” and “Bow Bow Bow (F My Baby Dad).”

On July 2, she took to X to promote a new Solana token called “President Red,” with the ticker symbol “PRESI” and a contract address that ends in “SsUp.” The post contained a video showing a rocket ship taking off and the phrase “to the moon,” along with “Solana.”

Source: Sexyy Red

The PRESI token quickly skyrocketed in value, going from a price of 0.000045 Solana (SOL) (approximately $0.0067) to 0.01 SOL ($1.48) per coin in the first 75 minutes after launch. It then immediately crashed by more than 50%, falling to 0.0042 SOL ($0.62) per coin, according to data from crypto charting platform DEXScreener.

PRESI/SOL exchange rate. Source: DEXScreener

According to ZachXBT’s post, the sudden price pump is partially attributed to the team’s massive purchases of the token. Blockchain data shows that at least some of the reported team member addresses purchased large amounts of PRESI from the liquidity pool. For example, the address ending in “svirD” purchased nearly 182 million PRESI from the Raydium liquidity pool at 2:43 am UTC on July 2, and the address ending in CBnf simultaneously bought over 69 million PRESI.

Some of these addresses had previously interacted with a similarly named token called “Make America Sexy Again (MASA),” whose contract address ends in “k1M9.” The “consolidation address” listed in ZachXBT’s post currently holds nearly 819 million MASA tokens, or 82% of the total supply.

During memecoin launches, insiders often purchase large amounts of the coin to sell later at a profit, which subsequently crashes the price. Cointelegraph could not determine whether any wallets within this cluster ultimately sold their PRESI tokens, nor could it confirm that they were owned by team members.

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In a reply to his own post, ZachXBT said he was surprised at the amount of tokens allegedly bought up by this cluster of wallets. “[B]uying up 90% of the supply is just hilarious tbh,” he stated, adding in another reply, “we started at like 20-30% now it’s 90%.”

Critics often accuse celebrity memecoin launches of being pump-and-dump scams. On June 5, Ethereum founder Vitalik Buterin published several criteria that crypto users should employ to judge whether a celebrity token gives value to its holders and the crypto community. In the post, he claimed that some celebrity coins could be beneficial to the community if they fund projects such as “healthcare, open source software, art,” or other public goods.

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