According to Nansen's data, 13 wallets associated with Kanye West's YZY transactions each made over $1 million in profit.
The rapper launched the YZY token on Solana on Thursday. The top 13 wallets collectively profited $24.5 million by selling off the token.
Nansen's data shows that the YZY token surged 1400% within the first hour of its launch, reaching a peak price of $3, before dropping again. Less than 24 hours after the surge, the token's price fell by 74% to about $0.77. The launch of the project has been controversial, with many observers pointing to suspected insider selling and front-running activities.
Dune Analytics data indicates that over 56,000 wallets have interacted with the meme coin; the Nansen report notes that there are still more than 27,000 wallets holding tokens worth over $1.
Data also shows that among the first 99 addresses that purchased the token, only 9 still hold YZY as of the time of writing.
Nansen's data reveals that the wallet with the largest loss has actually lost $1.8 million, followed by a wallet with a loss of $1.2 million. One trader still holds YZY tokens, with an unrealized loss of over $800,000.
Cryptocurrency data provider Bubblemaps stated, "The situation is worse than we imagined," revealing the identity of the first buyer and noting that this front-runner was among the first buyers of the Trump (TRUMP) meme coin, earning millions.
Bubblemaps also mentioned receiving intelligence pointing to another front-runner, who had previously co-invested with the aforementioned front-runner to front-run the token.
Meanwhile, a blockchain detective linked the sniper "Naseem" to another wallet group involved with the controversial LIBRA token, suggesting that the same operator extracted tens of millions of dollars using insider information.
"These celebrity tokens are often described as a way to attract people," said the detective known as "Dethtective," adding, "In my view, this is more like a transfer of wealth, making the rich richer."
This is not the first time a celebrity has issued a meme coin, leading to controversy due to its price volatility.
TikTok influencer Haliey Welch launched a meme coin called HAWK in December, named after her signature catchphrase "Hawk Tuah."
Its price trajectory was very similar to YZY, with the meme coin plummeting 90% within hours, sparking market outrage and accusations of front-running and insider trading. According to Bubblemaps, retail investors lost millions, while a group of insiders profited $3 million.
Other celebrities, including Kim Kardashian, Iggy Azalea, Caitlyn Jenner, and Lindsay Lohan, have also been involved in incidents of suspected meme coin volatility.
BitMEX co-founder Arthur Hayes jokingly remarked on social media that he won't trade YZY again and would rather continue dancing.
Related: As adoption expands, wealthy Asian investors allocate 5% of their portfolios to cryptocurrency.
Original article: “Data shows: 13 wallets profit over $24 million by selling YZY tokens”
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