The YZY memecoin from Kanye West caused massive losses among retail investors. During a livestream, popular streamer Advyth put his entire deposit into the token and lost 50% of his funds in front of viewers. Analysts recorded losses in the millions of dollars and a mass exit from the project within the first hours after launch.
The episode instantly spread across social media as an example of the risks of investing in hype-driven assets.
Insiders Cashed Out Millions While Investors Lost
According to Nansen, 13 wallets earned more than $1 million each on the YZY token, collectively withdrawing $24.5 million. They bought before the peak and quickly sold the asset, crashing the market. Within an hour of launch, the token price surged 1.400% to $3, but within a day it fell 74% to $0.77.
The largest recorded loss amounted to $1.8 million, followed by a wallet with a $1.2 million loss. One trader is still holding tokens with an unrealized deficit of more than $800.000.
Launch And Promotion
The team launched YZY on August 21 on the Solana blockchain. The debut was accompanied by an aggressive advertising campaign tied to the Yeezy brand and a promised prize pool of $20.000. Within the first hours, the token’s market capitalization exceeded $3.2 billion but then sharply declined. Users online began widely discussing signs of a coordinated attack by insiders and “snipers.”
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