Kanye West’s memecoin crashed 80% after launch.
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More than 50,000 investors lost money on the YZY token linked to Kanye West. The asset surged 1400% in the first hour after launch and then collapsed.
The YZY token, associated with rapper Kanye West, was launched on the Solana network on August 21 and immediately attracted speculators’ attention. The price jumped 1400% within the first hour of trading but soon dropped more than 80%, reaching $0.5538 at the time of writing.
According to Solscan, the token is now held by 26,541 addresses, signaling a sharp decline in market interest.
According to Bubblemaps, out of 70,200 investors in YZY, more than 51,800 ended up with losses. Three traders lost more than $1 mln each.
Meanwhile, only 11 wallets made over $1 mln in profit, and another 99 traders earned more than $100,000.
Popular streamer Advyth put his entire deposit into YZY and lost 50% of his funds live on stream.
Former kickboxing champion Andrew Tate also tried to profit from the YZY hype. According to Lookonchain, he opened a short position with 3x leverage, but the trade ended with a $700,000 loss on an account linked to him on Hyperliquid.
Bubblemaps analysts believe one of the key beneficiaries was Hayden Davies, known as a co-creator of the MELANIA and Libra tokens. According to the platform, he gained access to his funds on August 21 — the same day YZY launched — after a court unlocked $57.6 mln in the USDC stablecoin previously frozen in the Libra case.
Bubblemaps claims that Davies, also known by the pseudonym Kelsier, made $12 mln by quickly buying YZY tokens. The report also mentions a group of traders tied to a user named Naseem, who previously earned $100 mln on the TRUMP token. These participants were reportedly among the earliest YZY buyers.
Despite short-lived hype, most celebrity-backed tokens fail to withstand market pressure. In June 2024 alone, more than 30 such assets appeared on Solana. On average, their prices fell by at least 73,23%.
Among celebrities linked to meme token launches are influencer Haley Welch (Hawk Tuah girl), Caitlyn Jenner, Ronaldinho Gaúcho, and even the pastor who spoke at Donald Trump’s inauguration.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
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