Kickboxing champion and controversial influencer Andrew Tate is among the many newest celebrities to dive into Kanye West’s newly launched YZY token — however his bets are already deep within the crimson.
A pockets handle linked to Tate has opened a 3x leveraged quick place on the just lately launched, West-linked YZY token at $0.85 and is at present sitting on a $16,000 loss on the place.
Tate “doesn’t appear to be good at perps buying and selling,” as his cumulative losses are nearing $700,000 on this single Hyperliquid account, wrote blockchain analytics platform Lookonchain in a Friday X put up. “To date, he is made 80 trades on #Hyperliquid — solely 29 had been worthwhile (win fee: 36.25%) — with whole losses of $699K.”
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, which spiked 1,400% throughout the first hour earlier than dropping over 74% since.
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With rising celeb curiosity in cryptocurrencies, extra influencers are realizing losses, displaying that not all monetary recommendation or funding endorsements needs to be handled equally.
The shedding commerce comes over a 12 months after Tate was hit by insider buying and selling allegations associated to his memecoin, the Daddy Tate (DADDY) token, which noticed insiders scoop up 30% of the provision at launch earlier than Tate began selling the token on X, Cointelegraph reported on the time.
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Most Andrew Tate-endorsed memecoins crashed by 99%
Tate joined waves of celebrities who jumped on the Solana memecoin bandwagon on June 7, endorsing over 10 tokens identified for having no intrinsic worth.
A lot of the tokens misplaced round 99% of their worth shortly after Tate’s endorsement, with a number of tokens allegedly having as much as 30% insider provide allocation, Bubblemaps warned in an X put up in Oct. 2024.
These included Roost (ROOST), the Germany Token (GER), Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT) and Daddy Tate (DADDY).
Over 30 celebrity-endorsed tokens launched on Solana in June 2024 and have seen costs fall by at least 73.23%.
Different celebrities who promoted Solana-based meme tokens embrace 50 Cent, Caitlyn Jenner, Iggy Azalea and soccer legend Ronaldinho Gaúcho.
UFC contender Khamzat Chimaev-linked Smash (SMASH) token was additionally hit by insider allegations after it was revealed that as much as 78% of the token’s provide was purchased by staff and developer-related wallets, Cointelegraph reported in July 2024.
Three days after the token launch, Chimaev’s supervisor, Majdi Shammas, claimed that the martial artist “wasn’t concerned” with the SMASH memecoin and “[knows] simply as little as you do,” alleging that he promoted the coin with out the fighter’s enter.
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