Ye’s token launch is already surrounded by controversy and insider selling.
Summary
- YZY rocketed to $3 billion, then crashed after insider trading concerns to $300 million
- Insiders acquired large amounts of the token and sold it as soon as it launched
- Earlier, Kanye posted that he was offered $2 million to scam his users with a fake Ye crypto
Less than a day after its launch, Ye’s memecoin YZY (YZY) is already generating significant controversy. On Thursday, August 21, on the same day of its launch, Kanye West’s memecoin went from $3 billion in market cap to just $300 million. Critics point to insider selling as the likely reason for the price decline below $1.
Less than a day after its launch, Ye’s memecoin YZY (YZY) is already generating significant controversy. On Thursday, August 21, on the same day as its launch, Kanye West’s memecoin went from $3 billion in market cap to just $300 million. Critics point to insider selling as the likely reason for the price decline below $1.
Still, while the whales profited, ordinary traders lost more on average. In total, there were 9,413 wallets that made more than $10 in profit, while 15,999 saw more than $10 in losses. This means that smaller holders were more likely to lose money rather than gain.
Still, while the whales profited, ordinary traders lost more on average. In total, there were 9,413 wallets that made more than $10 in profit, while 15,999 saw more than $10 in losses. This means that smaller holders were more likely to lose money rather than gain.
YZY wallet concentration raises concerns
Still, while the whales profited, ordinary traders lost more on average. In total, there were 9,413 wallets that made more than $10 in profit, while 15,999 saw more than $10 in losses. This means that smaller holders were more likely to lose money rather than gain.
On Friday, Kanye revealed that he was approached with an offer to promote a scam token for $2 million. Specifically, he would post a link to a fake Ye crypto, which would have to stay up for 8 hours, after which he could say that his account was hacked. So far, Kanye has not claimed that he was hacked and has since deleted the post.
