The dream of cryptocurrency by Kanye West has turned into a nightmare for the majority of his fans. Launching hastily on Solana, the YZY token, named ‘Yeezy Money’, has caused over 50,000 wallets to lose money. On the other hand, a handful of addresses have made significant profits, with some earning millions in just a few hours.
Massive Losses for Investors
Statistics released by Bubblemaps are harsh: out of 70,201 traders, 51,862 wallets, nearly 74%, are in the negative. The total losses reach 74.8 million dollars, with over 1,000 wallets showing losses over $10,000.
The initial promise to take control ‘outside centralized authorities’ quickly turned into a disaster. Just hours after the launch, the YZY token plummeted by 70%. For small investors, it was a financial ambush.
A Handful of Select Winners
While the majority lost, a minority benefited from the wave. 18,333 wallets made a profit, totaling 66.6 million dollars. However, appearances can be deceiving: 86% of them earned less than $1,000.
The real jackpot was elsewhere. Only eleven wallets captured nearly 30% of all profits, confirming a rigged game where insiders, bots, and snipers are the only winners.
The Same Names, the Same Methods
Bubblemaps points fingers at well-known actors in the memecoin universe. The pseudonymous trader ‘Naseem’, a reputed sniper who allegedly earned over $100 million through the Donald Trump-related memecoin, was the first to invest in YZY. Another familiar name is Hayden Davis, involved in the Libra project debacle, reportedly pocketed $12 million by sniping YZY at launch. For Bubblemaps, the mechanics have become standard: infiltrate big launches, buy early with bots, and walk away with millions while the community scraps.
A New Warning for the Crypto Industry
In a message posted on X, Bubblemaps did not mince words:
Last week showed the flaws in our industry. The same actors continue to recycle the same scams, in full view of everyone. The playbook is simple: infiltrate, get in early, and extract millions.
An embittered realization that comes at a time when memecoins are experiencing a new surge of popularity on Solana. Amid media frenzy and exaggerated promises, risks are often underestimated by individual investors.
Kanye West, Unwitting Contrarian
Ironically, Kanye West had publicly rejected the idea of launching his own crypto, believing that memecoins ‘exploit fans’ naiveté with hype’. A few weeks later, his YZY became a perfect example of this drift.
The fiasco of Yeezy Money will leave its mark. For some, it serves as a reminder that the memecoin market seems more like a private hunting ground for insiders than an open opportunity for all. For others, it’s a wake-up call: in crypto, hype is never a guarantee… but almost always a danger.
