More than 70% of traders who bought into Kanye West’s Solana-based memecoin YZY ended up in the red, according to blockchain analytics firm Bubblemaps.
Key Takeaways:
Over 73% of YZY token holders lost money, with $74.8 million in collective losses. Nearly 30% of total profits went to just 11 wallets, raising concerns about insider trading. Bubblemaps flagged sniping and manipulation tactics, while West later denied involvement.Of the 70,201 wallets that traded the YZY token, 51,862, or 73.8%, recorded losses, totaling nearly $74.8 million, the platform revealed in a Wednesday post on X.
Over 1,000 wallets lost more than $10,000 each.
Few YZY Traders Profited as Gains Concentrated in Top Wallets
In contrast, only 18,333 wallets saw profits, but the gains were unevenly distributed.
Most profiting wallets made less than $1,000, while 11 wallet addresses alone captured nearly 30% of total profits, which amounted to $66.6 million in gains across all winning wallets.
YZY, short for Yeezy Money, was launched last Wednesday with heavy promotion from West’s official website and social channels.
Marketed as a way to put users in control of their finances, the token quickly lost steam. Within hours of launch, YZY’s price crashed nearly 70%, sparking accusations of manipulation.
Bubblemaps highlighted suspicious activity including sniping, a tactic where bots acquire large portions of a token’s supply seconds after launch.
One wallet identified as belonging to a trader known as “Naseem”, previously linked to Trump’s DJT memecoin profits, was flagged as YZY’s first investor.
Another key figure named by Bubblemaps was Hayden Davis, a serial participant in high-profile token launches.
Davis allegedly earned $12 million sniping YZY. He had previously been involved with Libra and other coins that collapsed shortly after release.
“The playbook is simple: Infiltrate big launches, get in early, and extract millions,” Bubblemaps wrote in a post on X. “It’s happening in plain sight, and no one is stopping it.”
Notably, West had previously distanced himself from the memecoin trend, saying such tokens “prey on the fans with hype.”
Kanye West Denies Involvement in YZY Token, Cites Hacked Account
On Wednesday, West denied involvement in the YZY-themed memecoin, stating his Instagram account was compromised.
The claim was posted on West’s X (formerly known as Twitter) on August 26, in which he wrote: “My Instagram has been hacked and it’s following a fake coin…The official project is @YZY_MNY.”
He went on to promote a different project, accompanied by a new Solana wallet address.
No further details were provided on how the alleged compromise occurred or who may have been behind the original launch.
The situation adds to a growing number of celebrity-linked crypto controversies in 2024 and 2025, raising ongoing questions about how memecoins are launched, endorsed, and sold across platforms with limited oversight.
Meanwhile, West’s YZY token appears to have set the record for the fastest collapse, losing 90% of its value in just one day, despite reaching a $3 billion market cap.
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