Why Kanye West’s YZY Meme Coin is Down 82% Juts a Week After Launch?
Investors have been on a rollercoaster ride in just a week with Kanye West’s YZY meme coin. Launched just a week ago, the token has ATHs but also lows, as it dipped by 82%. Notably, the celebrity token curse continues with this as well, leaving investors with massive losses in place of high profits.
Kanye West YZY Meme Coin Crashes 82%
The newly launched meme coin YZY had a kickstart, with the name Kanye West attributed to it. Notably, the token soared to an ATH of $3.16 just minutes after launch, reaching a market capitalization of $400 million and above before it came crashing.
At press time, the YZY token is down 82% from its ATH, currently trading at $0.5554, with $166.63 million in market capitalization. Its trading volume has also declined to $37.98 million, indicating a decline in investor interest.
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- Source: CoinMarketCap, YZY Money Price chart
Notably, a few crypto experts beforehand predicted this possibility, citing the performances of other celebrity tokens, dominated by insiders and scams.
YZY Insiders Pump and Dumps Fuel Downtrend
Kanye West’s token launch clearly put the hype vs reality picture straight. The YZY token was launched on August 21 and instantly became one of the trending meme coins, but the hype didn’t last.
Soon after launch, reports came that insiders are controlling 90% of the YZY supply and even pocketing more than $24.5M in profits. More importantly, some of these got even early access or they knew details that weren’t even disclosed before the launch, giving them an early advantage.
One such top insider is Hayden Davis (co-founder of the LIBRA project), who earned $12M per Bubblemaps report. Bubblemaps noted that his wallet purchased the Kany’s token just one minute after the launch and used multiple exchanges to disguise the fund sources.
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- Source: X, Bubblemaps
There’s also speculation that he may have helped with the token launch, concerning investors more. That’s because of his LIBRA project collapse, with accusations of mismanagement. Recently, the court unfroze $57 million USDC tied to Davis and Ben Chow, which is likely funding his YZY purchases.
A TRUMP insider with $100 million profit also identified buying YZY. While the insiders benefited, others suffered, as the pump and dump crashed the YZY meme coin by 82%.
Kanye West’s Instagram Account Hack and Fake Token Scam Jolts Investors
On August 26, Kanye West made a shocking announcement, revealing that hackers had taken over his Instagram account. He admitted that now it’s following a fake coin ‘yzytoken’, which is a big deal since he only followed one account of Bianca Censori, his wife.
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- Source: X, Kanye West
The sudden addition of a new account ‘yzytoken’ to his following pumped the token to a $7 million market cap, but soon came crashing down to $160,000, causing major chaos.
This series of events has left investors heartbroken on the YZY meme coin launch, as the token continuously struggled with insiders, pump and dump, and now scams. Experts allege that it’s following a similar pattern to other celebrity meme coins.
For example, Kim Kardashian, Donald Trump, and others’ token launch, which had a major pump at launch but a quick collapse soon.
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