Last week, Kanye West launched a new altcoin named Yeezy Money (YZY) on the Solana 
$106 blockchain, only to witness a dramatic drop in its value shortly after. According to Bubblemaps, a blockchain analytics platform, the majority of the over 70,000 investors experienced losses, while only a handful of wallets saw substantial gains of millions of dollars.
Significant Losses for Most Investors
Bubblemaps indicated that out of 70,201 YZY coin investors, 51,862 wallets, or 73.8%, suffered losses, totaling approximately $74.8 million. Among those who suffered losses, 1,025 wallets lost over $10,000. In contrast, 18,333 investors made a profit, with 86% earning less than $1,000, showcasing the uneven profit distribution.
The total recorded profit of $66.6 million was heavily concentrated, with about a third accumulated in just 11 wallets. These disparities suggest extensive manipulation during the coin’s release, where few early investors were handsomely rewarded at the expense of the majority who faced losses.
Insider Trading and Sniping Allegations
Promoted through Kanye West’s official website and social media, YZY coin aimed to establish financial control independent of centralized systems. However, it depreciated by nearly 70% mere hours after its launch. Bubblemaps and crypto analysts indicated this dramatic value shift resulted from insider trading and a sniping strategy.
An anonymous investor named Naseem, known for making $100 million from a Donald Trump memecoin, was identified as the first YZY buyer. Reports also emerged that Hayden Davis, associated with past failed projects like Libra, allegedly earned only $12 million in profits.
Bubblemaps highlighted that these individuals have profited similarly across various projects, underscoring the industry’s failure to prevent repeated manipulation. Kanye West had previously criticized the concept of launching his crypto, claiming memecoin enthusiasts are often misled by excessive hype.
