Kanye West’s YZY token, launched on the Solana blockchain on August 21, saw significant volatility, rising 1,400% in the initial hour before plummeting over 80%. Of the 70,200 traders involved, more than 51,800 reported losses totaling $74 million, with three traders individually losing over $1 million. Only 11 wallets managed to profit, each netting over $1 million, while 99 others made over $100,000. This situation underscores the risks associated with celebrity-backed meme tokens lacking intrinsic technological utility. The YZY token's price currently stands at $0.5515, down from its all-time high, with just 19,531 holders remaining. High-profile investors, including former kickboxer Andrew Tate, reported heavy losses, with Tate losing $700,000. The incident highlights a pattern of high losses among retail investors in celebrity-endorsed cryptocurrencies, a trend seen in similar tokens that have released on Solana and other platforms.

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