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The launch of Kanye West’s YZY token on Solana
$177.48
turned into a payday for a handful of traders.
Data from Nansen showed that 13 wallets each earned over $1 million, which collected a combined $24.5 million before exiting their positions.
The token first appeared on August 21 and peaked at $3, which represented a 1,400% increase in its first hour. It then dropped around 74% to $0.77 within a day.
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More than 56,000 wallets engaged with the token, according to Dune Analytics. Yet Nansen reported that only 27,000 wallets still held at least $1 worth after the crash. Out of the first 99 addresses that entered, only nine still had tokens later on.
However, one address lost about $1.8 million, while another dropped $1.2 million. A third trader is still holding tokens worth much less than their purchase, with an unrealized loss of over $800,000.
Bubblemaps noted that the first YZY buyer was the same wallet that profited from sniping the Trump token. The group also said it had evidence of another sniper working in coordination with the first.
Bubblemaps wrote:
There’s an elite group of snipers who don’t compete but coordinate, making millions destroying charts.
Recently, the crypto wallet MetaMask announced plans to release its own dollar-linked stablecoin. What is it? Read the full story.
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