The group behind the PRESI token associated with the rapper Sexyy Red swiftly acquired more than 90% of the token’s supply at the time of its launch, as indicated in a social media post by blockchain investigator ZachXBT. This post was a response to a now-deleted post by Sexyy Red herself.
Zach humorously mentioned, “It’s quite amusing how your team managed to snatch up about 90% of the PRESI total supply at the launch,” and shared a list of addresses purportedly owned by team members who made purchases of the token.
According to ZachXBT, the team had also secured 82% of another token released by the rapper during its launch phase. He pointed out an address ending in “jCns” as a “consolidation address” where the tokens were stored. Records on the blockchain indicate that this address holds roughly 82% of the total supply of that previous token. It was unclear whether the earlier token had been endorsed by Sexyy Red.
Janae Wherry, professionally known as Sexyy Red, is an American rapper recognized for hits such as “Rich Baby Daddy,” “Looking for the Hoes (Ain’t My Fault),” and “Bow Bow Bow (F My Baby Dad).”
On July 2, via a post on the platform X, she introduced a new Solana token named “President Red” with the symbol “PRESI” and a contract address ending in “SsUp.” The post featured a video of a rocket launching into space, accompanied by the caption “to the moon” and the word “Solana.”
Following its launch, the PRESI token experienced a rapid surge in value, escalating from 0.000045 Solana (SOL) (roughly $0.0067) to 0.01 SOL ($1.48) per coin within the first 75 minutes. However, its value promptly plummeted by over 50%, dropping to 0.0042 SOL ($0.62) per coin, as reported by crypto tracking platform DEXScreener.
ZachXBT’s post attributed the sudden price increase to substantial token acquisitions by the team. Blockchain data confirmed that certain addresses associated with team members made significant acquisitions of PRESI from the liquidity pool. For instance, the address ending in “svirD” procured nearly 182 million PRESI from the Raydium liquidity pool at 2:43 am UTC on July 2, while the address ending in CBnf concurrently acquired over 69 million PRESI.
A few of these addresses had prior interactions with a token named “Make America Sexy Again (MASA),” with its contract address concluding in “k1M9.” As mentioned in ZachXBT’s post, the “consolidation address” presently holds close to 819 million MASA tokens, equivalent to 82% of the total supply.
During the release of memecoins, insiders frequently purchase substantial amounts of the coin with the intention of selling them later at a profit, causing subsequent price drops. It remains uncertain whether any wallets within this network eventually sold their PRESI tokens or if they were indeed owned by team members.
Critics often level accusations against celebrity memecoin launches, labeling them as pump-and-dump scams. On June 5, Vitalik Buterin, the founder of Ethereum, outlined several criteria for assessing the value celebrity tokens offer to holders and the wider crypto community. He suggested that celebrity coins could be beneficial to the community if they finance initiatives such as healthcare, open-source software, art, or other public goods.
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