According to data from the blockchain data platform Bubblemaps, Kanye West's newly launched meme coin has attracted over 70,200 investors. Among them, more than 51,800 traders have incurred losses, with three individuals losing over $1 million. This situation highlights the potential risks faced by celebrity meme coins that lack core technological value.
The YZY token associated with Kanye West was launched on the Solana blockchain on August 21. Within the first hour of its launch, the price skyrocketed by 1400%, followed by a decline of over 80%.
Bubblemaps stated on social platform X on Wednesday: "Meanwhile, 11 wallets have made profits exceeding $1 million."
Against the backdrop of significant losses for most investors, only 11 out of 70,000 wallets achieved profits of over $1 million, with another 99 wallets making profits exceeding $100,000, further highlighting the financial risks posed by celebrity meme coins due to their lack of actual blockchain application value.
According to data from blockchain intelligence platform Nansen, the price of the YZY token has fallen over 80% from its historical high, with the current trading price at $0.5515 and only 19,531 holders.
According to Cointelegraph, former kickboxing champion Andrew Tate also attempted to profit from the token supported by the rapper. He opened a short position with three times leverage on the YZY token, resulting in a cumulative loss of $700,000 in his associated Hyperliquid trading account.
Following the YZY incident, the blockchain data platform pointed out that Hayden Davies, co-founder of Official Melania Meme (MELANIA) and Libra token, is a potential "insider."
According to Cointelegraph, on August 21, Davies regained access to his funds after a judge unfreezed $57.6 million in USDC stablecoins related to the Libra token scandal.
Bubblemaps stated on social platform X on Wednesday: "Despite our collective efforts as investigators, developers, and the community—it's always these familiar names repeating the same scams." It added:
"The network of buyers related to Nassim, known for making $100 million on TRUMP, were among the first to buy YZY. These buyers always enter the market early, easily making millions."
Although it sparked a surge in retail interest, most celebrity meme coins struggle to maintain sustained market attention and have not grown into large-cap tokens.
In June 2024, the Solana blockchain launched over 30 celebrity tokens, all of which saw price declines exceeding 73.23%. Celebrities involved in the promotion included 50 Cent, Caitlyn Jenner, Iggy Azalea, and football legend Ronaldinho Gaúcho.
Tate also joined the Solana meme coin craze on June 7, 2024, promoting over 10 tokens, the vast majority of which plummeted by about 99% shortly after promotion.
Related: Nvidia reports second-quarter financial results with a 56% surge in revenue.
Original article: “Kanye West's YZY Token Incident: 51,000 Traders Lose $74 Million, Only 11 Profit Over a Million”
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