YZY: Insider trading in Kanye West's token sale?
- Just one week after the launch of the Kanye West memecoin YZY, approximately 74 percent of investors are facing losses. Of the 70,201 wallets that traded the Solana-based token, 51,862 recorded losses, according to data from Dune.com. The collective damage: approximately $74.8 million.
- Only a few profited. According to Dune Analytics, almost 30 percent of all YZY profits went to just eleven wallets – not atypical for memecoins.
- Shortly after the launch of the token sale, Mikey Shelton, one of the developers, publicly boasted about profits. This led to allegations of insider trading.
- There's also talk of so-called YZY sniping and market manipulation. Sniping refers to a tactic in which automated bots buy up large quantities of a new token's supply immediately after its launch – usually within fractions of a second. The goal is to stock up at extremely low prices before the market price rises.
So the guy who is behind $YZY token is publicly bragging about insider trading and rugging for MILLIONS of dollars on his IG 🤯 pic.twitter.com/iba5ndGsoP
— Gordon (@AltcoinGordon) August 21, 2025 Recommended Video Ethereum ATH – Bitcoin in the basement: What happens next?
Sources
- Dune Analytics
- Video by Mikey Shelton
Eine Quelle: btc-echo.de
