Kanye West’s YZY Meme Coin Causes $74 Million Loss for Traders
Kanye West's YZY meme coin launched on the Solana blockchain has resulted in significant losses for investors. Key points include:
- Over 51,000 traders lost a total of $74 million within a week of the launch.
- The token surged 1,400% shortly after debuting but has since fallen over 80%, currently trading at $0.5515.
- Out of 70,200 traders, more than 51,800 incurred losses, including three traders losing over $1 million each.
- 11 wallets profited by over $1 million during this period.
- Former kickboxing champion Andrew Tate incurred a $700,000 loss through a leveraged position on YZY.
- Hayden Davies, linked to the MELANIA meme coin, is suspected of insider trading related to YZY's launch.
- Celebrity-backed tokens often experience rapid price declines; over 30 launched in June 2024, with an average drop of 73.23% since debut.
This incident underscores ongoing risks associated with celebrity-endorsed cryptocurrencies and pump-and-dump schemes.