According to blockchain analytics firm Bubblemaps, over 70% of traders who invested in Kanye West’s Solana-based memecoin YZY suffered financial losses totaling $74.8 million. Out of 70,201 wallets trading YZY, 51,862 showed losses, with some losing over $10,000 each. The token’s value plummeted nearly 70% within hours of launch, sparking accusations of market manipulation and suspicious bot activity. Despite these issues, Kanye West denied involvement, claiming his Instagram was hacked. This event highlights concerns around celebrity-driven cryptocurrencies and their volatile, often manipulated markets.
Continue to read Majority of Kanye West’s YZY Token Investors Face Heavy Losses, Bubblemaps Reports
According to blockchain analytics firm Bubblemaps, over 70% of traders who invested in Kanye West’s Solana-based memecoin YZY suffered financial losses totaling $74.8 million. Out of 70,201 wallets trading YZY, 51,862 showed losses, with some losing over $10,000 each. The token’s value plummeted nearly 70% within hours of launch, sparking accusations of market manipulation and suspicious bot activity. Despite these issues, Kanye West denied involvement, claiming his Instagram was hacked. This event highlights concerns around celebrity-driven cryptocurrencies and their volatile, often manipulated markets.
Continue to read Majority of Kanye West’s YZY Token Investors Face Heavy Losses, Bubblemaps Reports
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