The post Andrew Tate Shorts Kanye West’s YZY, Nears $700K Loss On Hyperliquid appeared on BitcoinEthereumNews.com. Former kickboxing champion and controversial influencer Andrew Tate is among the latest celebrities to dive into Kanye West’s newly launched YZY token, but his bets are already deep in the red. A wallet address linked to Tate opened a 3x leveraged short position on the recently launched, West-linked YZY token at $0.85 and was sitting on a $16,000 loss on the position. Tate “doesn’t seem to be good at perps trading,” as his cumulative losses are nearing $700,000 on this single Hyperliquid account, wrote blockchain analytics platform Lookonchain in a Friday X post. “So far, he’s made 80 trades on #Hyperliquid — only 29 were profitable (win rate: 36.25%) — with total losses of $699K.” Source: Lookonchain The YZY token was launched on Solana on Thursday by the rapper, with the top 13 wallets profiting a total of $24.5 million as they dumped the token, which spiked 1,400% within the first hour before dropping over 74% since. Related: Ether trader nearly wiped out after epic run from $125K to $43M With growing celebrity interest in cryptocurrencies, more influencers are realizing losses, showing that not all financial advice or investment endorsements should be treated equally.  The losing trade comes more than a year after Tate was hit by insider trading allegations related to his memecoin, the Daddy Tate (DADDY) token, which saw insiders scoop up 30% of the supply at launch before Tate started promoting the token on X, Cointelegraph reported at the time.  Related: $1.6B Bitcoin whale shifts another $113M BTC into $240M Ether long Most Andrew Tate-endorsed memecoins crashed by 99% Tate joined waves of celebrities who jumped on the Solana memecoin bandwagon on June 7, 2024, endorsing more than 10 tokens known for having no intrinsic value. Most of the tokens lost around 99% of their value shortly… The post Andrew Tate Shorts Kanye West’s YZY, Nears $700K Loss On Hyperliquid appeared on BitcoinEthereumNews.com. Former kickboxing champion and controversial influencer Andrew Tate is among the latest celebrities to dive into Kanye West’s newly launched YZY token, but his bets are already deep in the red. A wallet address linked to Tate opened a 3x leveraged short position on the recently launched, West-linked YZY token at $0.85 and was sitting on a $16,000 loss on the position. Tate “doesn’t seem to be good at perps trading,” as his cumulative losses are nearing $700,000 on this single Hyperliquid account, wrote blockchain analytics platform Lookonchain in a Friday X post. “So far, he’s made 80 trades on #Hyperliquid — only 29 were profitable (win rate: 36.25%) — with total losses of $699K.” Source: Lookonchain The YZY token was launched on Solana on Thursday by the rapper, with the top 13 wallets profiting a total of $24.5 million as they dumped the token, which spiked 1,400% within the first hour before dropping over 74% since. Related: Ether trader nearly wiped out after epic run from $125K to $43M With growing celebrity interest in cryptocurrencies, more influencers are realizing losses, showing that not all financial advice or investment endorsements should be treated equally.  The losing trade comes more than a year after Tate was hit by insider trading allegations related to his memecoin, the Daddy Tate (DADDY) token, which saw insiders scoop up 30% of the supply at launch before Tate started promoting the token on X, Cointelegraph reported at the time.  Related: $1.6B Bitcoin whale shifts another $113M BTC into $240M Ether long Most Andrew Tate-endorsed memecoins crashed by 99% Tate joined waves of celebrities who jumped on the Solana memecoin bandwagon on June 7, 2024, endorsing more than 10 tokens known for having no intrinsic value. Most of the tokens lost around 99% of their value shortly…