Recent data has shown that over 73% of traders suffered losses following Kanye West’s Solana-based YZY memecoin’s 81% crash.
It’s been a little over a week since Kanye West launched his celebrity memecoin, and the token has already lost a staggering 83% of its value. The token, promoted on the American rapper’s X account on August 20, quickly gained traction, surging to an all-time high of $3.16 in 24 hours.
Expectedly, the token came crashing after the high, leaving profit-hungry retail traders in the dust again. At the time of writing, YZY is trading at $0.5305, extending its losses over the past 24 hours by 3.76%.
Meanwhile, analytical platform Bubblemaps has released a detailed breakdown of the token trades, highlighting total profits and losses.
YZY Memecoin Numbers Worse Than Expected: Bubblemaps
The report outlined that a total of 70,201 traders bought into the celebrity memecoin, FOMOing into its widespread hype. However, a majority of them, totaling 51,862 wallets, lost money. This represents 73.87% of those who bought Kanye West’s YZY token.
A detailed breakdown of these numbers reveals that three wallets lost over $1 million, 5,269 wallets lost over $1,000, 1,025 wallets lost over $10,000, and 108 wallets lost over $100,000. Overall, the total losses across these 51,862 addresses hit $74.8 million.
On the contrary, 18,333 wallets profited from the token, realizing a total of $66.6 million. Notably, over 15,000 wallets, or 82% of these addresses, made less than $1,000. Meanwhile, just 11 wallets made over $1 million, indicating that 28% of the profits were concentrated in these few wallets.
The Crypto Basic had earlier reported on insider trading activities, with several wallets purchasing the token before its public launch. Some of their gains exceeded millions of dollars, suggesting that a considerable part of the 11 wallets with over $1 million were insiders.
One of Many Celebrity Token Bursts
The YZY token debacle is one of recent cases of celebrity memecoin failures recorded in the crypto ecosystem of late, most of which have seen investors lose funds. Social media accounts of celebrities and prominent figures have promoted meme coins in the past—with some claiming they were hacked—and in most cases, the tokens have lost over 90% of their value.
One of the most recent events involves the LIBRA token and Argentine President Javier Milei. Others include Sydney Sweeney’s SWEENEY token and Hulk Hogan’s HULK memecoin.
Meanwhile, Bubblemaps had earlier warned of the YZY token before its crash, as over 70% of the token’s supply was held among a few wallets. The platform also claimed that Hayden Davis, who was heavily involved in the LIBRA token fallout, made $12 million from Kanye West’s token.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
