Andrew Tate Gains $16K Shorting Kanye West’s YZY Token

Andrew Tate opened a three-times leveraged short on Kanye West’s YZY at $0.8524. The trade has earned him $16,000 in profit.

The position continues to hover in the green with YZY trading near $0.77. Yet Andrew Tate comprehensive crypto trading history is punctuated by notable losses.

https://x.com/lookonchain/status/1958757374044623089

Andrew Tate has executed 80 trades on Hyperliquid, a decentralized perpetuals exchange. Of the 80 trades, only 29 were profitable, yielding a win rate of 36.25%. However, Tate's overall trading losses amount to roughly $699,000, indicating that his present profit does little to mitigate his past performance.

YZY Crash and Insider Advantage Despite Profits

Only minutes after its debut, the coin climbed to a $3 billion valuation. However, the token’s market cap plummeted to roughly $100 million within just a day.

Since hitting its peak, the token has shed more than 75% of its value, erasing retail investors’ gains while enriching insiders with massive profits.

Insiders held more than 94% of Kanye West's coin supply at launch. Before small investors entered the market, a single multisig wallet controlled 87% of the supply.

A single wallet transformed $450,000 into $1.3M, and another investor converted $2.28M in Solana into holdings currently valued at more than $6M.

A total of more than 56,000 wallets traded the token. Yet the majority of investors ended up in the red, with some losing more than $100,000.

CoinGecko reported that a dozen wallets together pocketed $24 million by offloading Ye's coin, thereby hastening the token’s sharp decline.

More so, Bubblemaps traced the first YZY purchaser to the trader who had earlier garnered $100M from Trump-linked tokens. This heightened the controversy further despite Andrew Tate profits.

At the same time, only five wallets saw returns exceeding $1 million, leaving thousands of smaller investors to a significant disadvantage.

Kanye west coin sudden downfall echoes the familiar trajectory of celebrity-backed tokens. Although the hype drove prices upward only momentarily, the lack of decentralization and the ensuing whale dump soon triggered the crash.

Even though Andrew Tate made money out of his short, the overall market effect demonstrated the dangers of meme coins connected with celebrities.