A report by on-chain investigator ZachXBT revealed that the team associated with rapper Janae Wherry, better known as Sexyy Red, purchased over 90% of her newly launched President Red (PRESI) token supply.
ZachXBT shared a list of addresses believed to belong to the team members and noted that insiders also bought up the majority of the previous token introduced by the rapper, called Make America Sexy Again (MASA).
Sexyy Red promoted the Solana-based PRESI token on July 2 through an X post featuring a rocket launch animation and the phrase "to the moon." The token's price surged from $0.0067 to $1.48 within 75 minutes of its launch. However, at the time of writing, it stands at $0.00055, an 83% decrease in the past 24 hours.
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What is a Liquidity Pool in Crypto? (Animated)
Blockchain data confirms that addresses linked to the team made significant purchases from the token's liquidity pool. One address acquired nearly 182 million PRESI tokens from Raydium's liquidity pool, while another bought over 69 million tokens.
Some of the addresses were also found to have previously interacted with MASA, with one address holding about 82% of its total supply, nearly 819 million tokens.
ZachXBT expressed his astonishment at the scale of the purchases, noting, "Buying up 90% of the supply is just hilarious tbh."
Insiders buying tokens is a common tactic in memecoin launches, often leading to a price crash as they sell off their holdings. However, it remains unclear if any of the wallets mentioned indeed belong to Sexyy Red's team.
The controversy surrounding the PRESI token highlights the ongoing debate about the integrity and value of celebrity-backed cryptocurrencies.
In other news, actress Sydney Sweeney's X account was recently hacked to promote the SWEENEY memecoin.
