Kanye West's YZY memecoin has left a significant number of investors suffering losses as a group of coordinated traders, referred to as 'snipers,' successfully profited over $24 million from the token's recent market fluctuations. Following its launch on Solana, the YZY token experienced a staggering 1,400% increase shortly thereafter. However, just as rapidly, it dropped by 74%, leading to substantial financial ruin for many retail investors. Out of over 56,000 wallets that interacted with YZY, only nine of the initial 99 buyers continue to hold the token. One investor alone incurred a loss of $1.8 million. The rise and fall of YZY has drawn parallels to other celebrity memecoins, where insiders have been accused of manipulating the market while retail traders bear the financial brunt. This incident underscores the recurring theme of wealth transfer in crypto spaces linked to celebrity endorsements.

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