A complete of 13 wallets made greater than one million {dollars} every buying and selling Kanye West-linked YZY, in accordance with new knowledge from Nansen.
The YZY token was launched on Solana on Thursday by the rapper, with the highest 13 wallets profiting a complete of $24.5 million as they dumped the token.
The YZY token spiked 1,400% inside an hour of its launch, hitting a peak worth of $3 earlier than dumping once more, in accordance with Nansen. In lower than 24 hours for the reason that spike, the token has dumped 74% to round $0.77. The launch was controversial, with many observers pointing to alleged insider gross sales and snipers.
A Dune Analytics question indicated that greater than 56,000 wallets interacted with the memecoin, whereas Nansen reviews that there have been nonetheless over 27,000 wallets holding greater than $1 value.
Information additionally exhibits that out of the primary 99 addresses to purchase the token, solely 9 nonetheless maintain any YZY on the time of writing.
YZY holder realizes a $1.8 million loss
The most important loser, in accordance with Nansen, is a pockets that realized a lack of $1.8 million, adopted by a pockets that misplaced $1.2 million. One dealer is presently nonetheless holding their YZY tokens with an unrealized lack of greater than $800,000.
An elite group of snipers and insiders
Crypto knowledge supplier Bubblemaps stated, “That is worse than we thought,” after revealing the id of the primary purchaser because the sniper who first purchased the Trump (TRUMP) memecoin, making thousands and thousands within the course of.
It added that it additionally acquired intel pointing to a different sniper who shared funds and sniped tokens alongside this one previously.
“There’s an elite group of snipers who don’t compete however coordinate, making thousands and thousands destroying charts.”
In the meantime, a blockchain sleuth linked the sniper, “Naseem,” to a different set of wallets behind the LIBRA token, suggesting that the identical operator extracted tens of thousands and thousands of {dollars} utilizing insider information.
Associated: Kanye West YZY sniper pockets linked to $21M LIBRA extraction scheme: Analysts
“These celeb cash are normally described as a solution to onboard individuals,” the sleuth going by the deal with “Dethtective” stated, earlier than including, “To me it seems to be extra like a switch of wealth that makes the wealthy even richer.”
Celeb memecoin pump and dumps
It isn’t the primary time a star has launched a memecoin that has pumped and dumped to controversy.
TikTok influencer Haliey Welch launched a memecoin known as HAWK, named for her notorious “Hawk Tuah” catchphrase, in December.
The chart sample was uncannily much like YZY’s because the memecoin dumped 90% in a couple of hours, sparking outrage and allegations of sniping and insider buying and selling. Retail merchants misplaced thousands and thousands, whereas a bunch of insiders pocketed $3 million, in accordance with Bubblemaps.
Different celebrities together with Kim Kardashian, Iggy Azalea, Caitlyn Jenner, and Lindsay Lohan have all been tangled in alleged memecoin pump-and-dump schemes.
“Oopsie… fam subsequent time pls don’t let me commerce shitters like YZY. Ought to have simply saved two-steppin,” stated BitMEX co-founder Arthur Hayes.
Journal: Caitlyn Jenner memecoin ‘mastermind’s’ celeb worth listing leaked
