Kanye West’s new YZY token on Solana sparked chaos in its first 24 hours, soaring 1,400% to $3 before plunging 74% back to around $0.77.
Blockchain data shows that a handful of traders walked away with massive profits while thousands of holders were left with steep losses.
According to Nansen, the top 13 wallets made more than $24.5 million, with the 10 most successful pulling out over $18 million. Out of the first 99 buyers, only nine still held tokens by Friday. Not everyone profited—one trader lost $1.8 million, another $1.2 million, and a third sits on an $800,000 unrealized loss.
Despite the collapse, YZY attracted huge attention, with over 56,000 wallets interacting with the token and 27,000 still holding.
Snipers and Insider Concerns
The launch has drawn criticism over alleged insider activity. Data provider Bubblemaps linked the first buyer to a sniper who previously made millions off the Trump token, while another wallet was tied to the LIBRA scheme accused of siphoning tens of millions.
“There’s an elite group of snipers who don’t compete but coordinate, making millions destroying charts,” Bubblemaps claimed.
Critics argue that celebrity coins present themselves as entry points for newcomers but often end up enriching insiders. As blockchain analyst “Dethtective” put it: “It looks more like a transfer of wealth that makes the rich even richer.”
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/millionaire-snipers-exposed-in-kanye-wests-yzy-token-frenzy/
