A total of 13 wallets made more than a million dollars each trading Kanye West-linked YZY, according to new data from Nansen.
The YZY token was launched on Solana on Thursday by the rapper, with the top 13 wallets profiting a total of $24.5 million as they dumped the token.
The YZY token spiked 1,400% within an hour of its launch, hitting a peak price of $3 before dumping again, according to Nansen. In less than 24 hours since the spike, the token has dumped 74% to around $0.77. The launch was controversial, with many observers pointing to alleged insider sales and snipers.
A Dune Analytics query indicated that more than 56,000 wallets interacted with the memecoin, while Nansen reports that there were still over 27,000 wallets holding more than $1 worth.
Data also shows that out of the first 99 addresses to buy the token, only nine still hold any YZY at the time of writing.
YZY holder realizes a $1.8 million loss
The biggest loser, according to Nansen, is a wallet that realized a loss of $1.8 million, followed by a wallet that lost $1.2 million. One trader is currently still holding their YZY tokens with an unrealized loss of more than $800,000.
An elite group of snipers and insiders
Crypto data provider Bubblemaps said, “This is worse than we thought,” after revealing the identity of the first buyer as the sniper who first bought the Trump (TRUMP) memecoin, making millions in the process.
It added that it also received intel pointing to another sniper who shared funds and sniped tokens alongside this one in the past.
“There’s an elite group of snipers who don’t compete but coordinate, making millions destroying charts.”
Meanwhile, a blockchain sleuth linked the sniper, “Naseem,” to another set of wallets behind the LIBRA token, suggesting that the same operator extracted tens of millions of dollars using insider knowledge.
Related: Kanye West YZY sniper wallet linked to $21M LIBRA extraction scheme: Analysts
“These celebrity coins are usually described as a way to onboard people,” the sleuth going by the handle “Dethtective” said, before adding, “To me it looks more like a transfer of wealth that makes the rich even richer.”
Celeb memecoin pump and dumps
It is not the first time a celebrity has launched a memecoin that has pumped and dumped to controversy.
TikTok influencer Haliey Welch launched a memecoin called HAWK, named for her infamous “Hawk Tuah” catchphrase, in December.
The chart pattern was uncannily similar to YZY’s as the memecoin dumped 90% in a few hours, sparking outrage and allegations of sniping and insider trading. Retail traders lost millions, while a group of insiders pocketed $3 million, according to Bubblemaps.
Other celebrities including Kim Kardashian, Iggy Azalea, Caitlyn Jenner, and Lindsay Lohan have all been tangled in alleged memecoin pump-and-dump schemes.
“Oopsie… fam next time pls don’t let me trade shitters like YZY. Should have just kept two-steppin,” said BitMEX co-founder Arthur Hayes.
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