Daniel Walker
Kanye West’s Solana-based token, YZY (Yeezy Money), has left over 50,000 wallets with heavy losses just weeks after its launch. Data from blockchain analytics platform Bubblemaps shows that 73.8% of traders—equivalent to 51,862 wallets—lost money, with total losses reaching $74.8 million. Over 1,000 of those wallets saw individual losses of more than $10,000.
In stark contrast, 18,333 wallets profited from YZY, collecting around $66.6 million in total gains. However, most of these traders earned less than $1,000, with nearly 30% of all profits concentrated in just 11 wallets. This imbalance has fueled allegations of insider trading and manipulation surrounding the token’s launch.
Price Crash and Allegations of Manipulation
West’s YZY token lost nearly 70% of its value within hours of launching, despite heavy promotion across his social media and official website. Analysts and community members claimed the price collapse was driven by sniping bots and insider strategies designed to drain liquidity before regular investors could react.
According to Bubblemaps, a pseudonymous trader known as “Naseem”—a notorious sniper who previously made around $100 million from Donald Trump’s memecoin—was among the first to buy YZY. Another figure, Hayden Davis, linked to failed projects such as Libra, reportedly made $12 million from the launch.
Industry Concerns Over Repeated Schemes
Bubblemaps criticized the crypto industry in a public statement, saying:
“The playbook is simple: infiltrate big launches, get in early, and extract millions. It’s happening in plain sight, and no one is stopping it.”
Kanye’s Past Stance on Memecoins
Ironically, Kanye West had previously dismissed the idea of creating his own cryptocurrency, claiming that memecoins exploit fans through hype. The YZY crash now leaves many questioning whether the token was ever meant to deliver on its promise of financial empowerment.
