Rap Sexy Red’s group bought 90% of the PRESI token at launch – ZachXBT
The team behind rapper Sexyy Red's PRESI token said more than 90% of the token's offering was “blown” or bought quickly at launch, according to a social media post from onchain sleuth ZachXBT. The post was made for a now-deleted X post from Sexy Red herself.
Zach said, “Your awesome team shorted like 90% of PRESI's total supply at launch. It provided a list of addresses of alleged group members who bought the token.
A previous token offered by the rapper was 82 percent purchased when the offering was launched by the group, according to ZachXBT. It lists an address ending in “jCns” as the “compiler address” where the tokens are stored.
Blockchain data shows that this address accounts for 82 percent of the previous token's total supply. Cointelegraph was unable to determine whether the previous token was promoted by SexyRed.
Jane Weary, known professionally as “Sexy Red,” is an American rapper known for her top 40 singles “Rich Baby Daddy” and “Get Sexy.”
On July 2nd, she took to X to launch a new Solana token called “President Red”, a token address ending in “PRESI” and “SsUp”. The post included a video of a rocket ship taking off and the phrase “to the moon” along with “Solana.”
The PRESI token quickly increased in value, from a price of 0.000045 SOL (SOL) (approximately $0.0067) to 0.01 SOL ($1.48) per coin within 75 minutes of its release. It immediately fell by more than 50% to 0.0042 SOL ($0.62) per coin, according to crypto charting platform DEXScreener.
According to ZachXBT's post, the sudden price pump is partly due to the group's massive token purchases. Blockchain data shows that at least some of the reported group members' addresses have purchased large amounts of PRESI from the liquid pool.
For example, an address ending in “svirD” bought 182 million PRESI from the radium liquid pool on July 2nd at 2:43 am UTC, and an address ending in CBnf bought over 69 million PRESI during the same period.
Some of these addresses have previously interacted with the same name as “Recreate American Sexy (MASA)”, whose contract address ends with “k1M9”. The “reinforcement address” listed in the ZachXBT post currently holds about 819 million MASA tokens, or 82% of the total supply.
When memecoin starts, insiders often buy a lot of coins to sell at a profit, causing the price to crash later. Cointelegraph has not been able to verify that wallets in this cluster have finally sold their PRESI tokens or that they are owned by group members.
Related: Andrew Tate token more than mothers among insider movement
In a reply to his own post, ZachXBT said he was surprised by the amount of tokens allegedly purchased by this wallet collection. “Buying 90% of the supply is ridiculous tbh,” he explained, while another replied, “We started with 20-30% and now it's 90%.”
Critics often accuse the popular memecoin startups 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 is worth it to its owner and the crypto community.
In the post, he said that some popular coins could be useful to the community if they paid for projects like “healthcare, open source software, art” or other public goods.
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