More than 51,000 merchants have gained losses in Kanye West recently launched Memecoin, featuring potential risk of trading of popular celebrities without intrinsic technological utility.
The Kanye West-Link Yzy (Yzy) token was launched at Solana Blockchain on August 21. It rallied 1,400% within the first hour before losing more than 80% of its value.
Of the 70,200 traders invested in the token sponsored by the celebrity, more than 51,800 realized the losses, with three businessmen who lost more than $ 1 million, according to blockchain data bubblemaps.
“Meanwhile, 11 purses made $ 1m+,” the bubblemaps wrote on a Wednesday X Post.
Amidst large losses from most token entrepreneurs, only 11 out of 70,000 wallets generated more than $ 1 million revenue, while 99 generated more than $ 100,000, featuring financial risks of popular memes with a meme with a blockchain meme.
Meanwhile, the Yzy token price dropped more than 80% from all time high, trading at $ 0.5515 with 19,531 merchants holding token, data from Blockchain Intelligence Platform Nansen Shut up.
Dating kickboxing Champion Andrew Tate are among entrepreneurs looking for income from the token adopted by the rapper. Tate opened a 3x leveraged short Positioning in the Yzy token, leading to a total of $ 700,000 loss in Tate related to the Hyperliquid account, Cointelegraph reported Friday.
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Hayden Davis is ‘sniped’ yzy token launch for $ 12m: bubblemaps
Following the YZY incident, the Blockchain data platform was directed To Hayden Daviesthe co-creating of Official Melania Meme (Melania) and the Libra token, as one of the potential insider.
Davies received a modified access to his funds on August 21, after a judge Unfrozen $ 57.6 million In the USDC (USDC) Stablecoins tied to the Libra token scandal, Cointelegraph reported.
“Despite our collective efforts as investigators, builders, and communities – both names continue to run on the same scams,” the bubblemaps wrote on a Wednesday X PostAdding:
“The next day, Davis (Kelsier) had a yzy launch and made $ 12m.”
“Naseem: A network of snipers tied to Naseem, famous for making $ 100m in Trump, first bought yzy. These snipers are constantly first, printing millions,” added the platform.
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Despite resulting in significant spikes of retail interest, most cryptocurrencies of cryptocurrencies failed to gain traction and rise to become large tokens.
Over 30 tokens sponsored by the celebrity Launched in Solana in June 2024 and found prices falling at least 73.23%. Celebrities who endorse these tokens include 50 Cent, Caitlyn Jenner, Iggy Azalea and Soccer’s legend Ronaldinho Gaúcho.
Tate also jumped to Solana Memecoin Bandwagon On June 7, 2024, endorsing more than 10 tokens, most of them lost around 99% of their value shortly after endorsement.
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