Kanye West’s YZY memecoin has caused significant losses among retail investors, while 13 wallets reportedly made over $24 million by strategically selling the token. Launched on Solana, the YZY token initially surged by 1,400% before plummeting nearly 74% within 24 hours. Data reveals that out of approximately 56,000 wallets that interacted with YZY, only nine of the first 99 buyers retained their investment. The largest loss recorded was $1.8 million, with an additional wallet registering a $1.2 million loss. Observers point to alleged insider trading and coordinated actions among a group of traders, termed “snipers,” who have previously profited from other token launches. Such incidents highlight the recurring pattern of volatility and exploitation in celebrity-linked memecoins, raising concerns over insider trading practices within the crypto space.

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