13 Wallets Profit $24.5 Million from Kanye West’s YZY Before Price Crash
The newly launched YZY token by Kanye West has created millionaires for 13 wallets, while many others face significant losses. The token debuted on August 18 and experienced a dramatic price surge of 1,400%, reaching $3.163 and a market cap of $3 billion before plummeting nearly 75% to $0.79.
Current trading details include:
- YZY price: $0.6966
- 24-hour dip: 40.07%
- 24-hour trading volume: $132.19 million, down 85.71%
Despite initial hype from Kanye's promotion of Ye Pay—a payment processor aimed at reducing merchant fees—speculation surrounds potential insider trading as 56,000 wallets engaged with the token. Notably:
- 13 wallets profited approximately $24.5 million before selling
- A single wallet incurred a loss of $1.8 million
- Another wallet reflects an unrealized loss exceeding $800,000
This trend raises concerns about celebrity-endorsed tokens, paralleling issues seen with Argentina's President promoting the LIBRA token, which also faced a crash after substantial gains.
Caution is advised, as recent incidents like the CrediX rug pull highlight risks in this sector.