Insiders Profit Millions as YZY Token Launches Amid Controversy
YZY Money Overview
- YZY Money, a memecoin linked to Ye, launched on Solana with a spike of nearly 6,800%, reaching $3.16.
- The token's market cap briefly hit $3 billion.
- Ye confirmed the token's issuance via a video on his X account, raising concerns about account authenticity.
- 70% of the token supply is allocated to Ye personally; 10% for liquidity, and 20% for public sale.
- Concerns exist regarding insider access and distribution risks for retail investors.
Distribution and Launch Details
- The project aims to replicate the success of Donald Trump’s TRUMP token.
- Initial contracts included 25 addresses; only one was designated as official to reduce bot manipulation.
- On-chain data revealed that an insider wallet knew the contract address before launch.
- This wallet acquired 1.29 million tokens at ~$0.35 each and later sold most for a profit exceeding $1.5 million.
Recent Performance
- YZY's value has decreased to nearly $1, causing losses for early buyers.
- One investor lost approximately $500,000 after purchasing YZY at $1.56 and selling at $1.06.
- The liquidity pool contained only YZY tokens, allowing significant cash-out potential for developers.
Speculation remains high in the Solana memecoin space, evidenced by rapid fluctuations in YZY's price.