Kanye West’s YZY Token Crash: 51,000 Wallets Lose $74.8 Million
TLDR
- Kanye West’s YZY memecoin experienced an 81% crash in just over a week.
- More than 51,000 wallets suffered losses, totaling $74.8 million.
- Over 73% of YZY token investors ended up losing money.
- Three wallets alone lost over $1 million each during the token’s decline.
- The token’s value surged to $3.16 before crashing significantly.
Kanye West’s YZY memecoin has plummeted, causing significant losses for over 51,000 traders. The token, which launched just over a week ago, quickly surged to an all-time high but crashed by 81% shortly after. At the time of writing, YZY trades at $0.5305, down by 3.76% in the last 24 hours.
YZY Token Loses 81% of Its Value
Kanye West’s YZY token was introduced on August 20 through the rapper’s X account. The coin quickly gained attention and surged to a high of $3.16 within 24 hours. However, the token’s value sharply declined, leading to significant losses for many investors.
Data from Bubblemaps, an analytics platform, reveals that 73.87% of investors lost money on the token. Of the 70,201 traders who bought YZY, 51,862 wallets experienced losses, totaling $74.8 million. These losses were especially severe for a small group of investors, with three wallets alone losing over $1 million each.
Over 51,000 Wallets Lose $74.8M on YZY
A closer look at the breakdown shows the extent of the damage. Five thousand two hundred sixty-nine wallets lost over $1,000, while 1,025 wallets lost more than $10,000. Furthermore, 108 wallets faced losses exceeding $100,000. Overall, YZY’s sudden crash wiped out substantial amounts of capital for the majority of those who bought the token.
In contrast, 18,333 wallets managed to profit from the coin, earning a total of $66.6 million. Yet, the profits were not evenly distributed. Over 82% of the wallets that profited made less than $1,000, while only 11 wallets made over $1 million each.
YZY’s Decline Reflects Broader Trend of Memecoin Failures
The YZY token’s collapse is part of a larger trend of celebrity-endorsed memecoins that have failed. Similar cases include the LIBRA token linked to Argentine President Javier Milei and tokens promoted by celebrities like Sydney Sweeney and Hulk Hogan. Each of these tokens saw sharp declines in value, with many losing over 90%.
Bubblemaps had warned investors about YZY before the crash, noting that over 70% of the token’s supply was concentrated in a few wallets. The platform also reported that Hayden Davis, involved in the LIBRA token fallout, profited $12 million from YZY. This highlights the risks that celebrity-backed tokens pose for investors.
The post Kanye West’s YZY Token Crash: 51,000 Wallets Lose $74.8 Million appeared first on CoinCentral.
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