Data shows that 13 wallets earned a total of over $24 million through the sale of YZY tokens.

The community around this project always has plenty of interesting stories to tell. This time, the star of the story is Kanye West’s YZY token. Once it was launched, it attracted countless people who rushed to invest in it. But behind all the excitement, many ordinary investors suffered significant losses. You'll notice that this type of trading strategy essentially pits whoever can enter and exit the market quickly against each other. Anyone who lags behind may end up trapped in a situation where they can’t make any profits. According to trading data, the average holding period was only 6 minutes. Those who actually made money were probably those who timed their investments perfectly, along with a few insiders who knew more about the situation than others.

According to Nansen’s data, 13 wallets have made profits of over $1 million from trading Kanye West’s YZY tokens.

On Thursday, this rapper launched the YZY token on Solana. The top 13 wallets earned a total of $24.5 million by selling these tokens.

Nansen data shows that the price of YZY tokens skyrocketed by 1400% within 1 hour after its launch. The highest price reached $3 per token, but then the price dropped again. Less than 24 hours after the surge, the price fell by 74%, reaching approximately $0.77 per token. The launch of this project was controversial, with many observers suspecting that there was some kind of internal selling or pre-emptive buying happening.

Dune Analytics data shows that more than 56,000 wallets have interacted with this token. Nansen reports that currently, over 27,000 wallets still hold tokens worth more than $1 per unit.

The data also shows that out of the 99 addresses that bought YZY tokens initially, only 9 still hold them as of the time of publication.

YZY token holders have suffered a loss of $1.8 million.

According to Nansen data, the wallet with the largest loss amount is that of a wallet which lost $1.8 million. Another wallet suffered a loss of $1.2 million. One trader still holds YZY tokens, with a net loss of over $800,000.

Bubblemaps, an expert in crypto data analysis, said that the situation is more serious than expected. He revealed that the first buyer was one of Trump’s early investors in the meme coins, and he reportedly made millions of dollars from this investment.

Bubblemaps also mentioned that they received information about another investor who allegedly collaborated with the above-mentioned investor to acquire meme coins at a discounted price.

“There’s a group of elite snipers who don’t compete with each other, but instead work together to create opportunities for themselves by manipulating market trends, thereby making millions of dollars.”

Meanwhile, a blockchain detective linked the sniper “Naseem” to another wallet group involved in the controversial LIBRA tokens. It seems that the same person used insider information to extract tens of millions of dollars from these investments.

“These celebrity meme coins are often described as a way to attract people,” said the detective named “Dethtective”. He added, “In my opinion, it’s more like a way for wealthy people to get even richer.”

It’s not the first time that celebrities have issued meme coins, and such fluctuations have caused controversy.

TikTok influencer Haliey Welch released a meme coin named HAWK in December. The name of the coin was derived from her popular saying “Hawk Tuah”.

The price of this meme coin plummeted by 90% within a few hours, causing outrage in the market and leading to accusations of insider trading and manipulation. According to Bubblemaps data, individual investors suffered losses of millions of dollars, while a group of insiders made profits of $3 million.

Other celebrities, including Kim Kardashian, Iggy Azalea, Caitlyn Jenner, and Lindsay Lohan, have also been involved in incidents where meme coins experienced sudden rises and falls in value.

Arthur Hayes, co-founder of BitMEX, commented on social media that he would not trade YZY anymore. He said it would be better to just dance instead.