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.”
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/millionaire-snipers-exposed-in-kanye-wests-yzy-token-frenzy/