Kanye West’s YZY memecoin left thousands of wallets devastated as coordinated snipers extracted millions while retail investors lost out.
A total of 13 wallets made more than a million dollars each trading Kanye West-linked YZY, according to data from Nansen.
The YZY token was launched on Solana on Thursday by the rapper, with the top 13 wallets profiting a total of $24.5 million as they dumped the token.
The YZY token spiked 1,400% within an hour of its launch, hitting a peak price of $3 before dumping again, according to Nansen. In less than 24 hours since the spike, the token has dropped 74% to about $0.77. The launch was controversial, with many observers pointing to alleged insider sales and snipers.
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