Kanye West’s recently launched YZY token quickly grabbed attention in the crypto space.
It shot up 1,400% shortly after its launch, but has significantly declined over 74% from its peak. Top wallets made $24.5 million in profits, while other traders saw mixed results.
Initially, the token’s market value surged to $3 billion, but it has now plummeted to $87 million, with price down 33% in the past 24 hours.
Andrew Tate, the controversial influencer recently opened a 3x short on YZY token, which is currently showing a profit of $16,000. However, his overall record in perpetual futures trading hasn’t been strong.
Out of 80 trades on Hyperliquid, only 29 were profitable, giving him a win rate of 36.25%, and his cumulative losses across all trades total $699,000.
Kanye West’s new YZY token has insiders making big moves. Only YZY was added to the liquidity pool with no USDC, which allowed early participants to influence the token’s price.
Other traders have also lost money on the token. One whale lost $500K in less than two hours, buying nearly 1 million $YZY at $1.56 and selling at $1.06. Another trader tried two 3x leveraged long positions and ended up losing $159K. He is also trying for a third attempt.
Meanwhile, an insider made over $3 million on YZY token, while another trader, who had partial insider info, initially lost $710K on a wrong purchase but quickly recovered the same amount with the correct $YZY.
Andrew Tate has a history of volatile crypto moves. His Daddy Tate (DADDY) token soared to $125 million before crashing to $18 million. Another coin, Andrew Tate’s Dog (G), didn’t last long. Even his big Ethereum bets have ended in losses.
Tate joined other celebrities promoting Solana memecoins, backing over 10 tokens with little to no real value. Most of them quickly lost around 99% of their price, and some reportedly had up to 30% of their supply controlled by insiders.
With more celebrities jumping into crypto, many are losing money, which shows that not every influencer’s advice can be trusted.
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