Thirteen wallets each made over $1 million trading Kanye West’s YZY token, with combined profits topping $24.5 million, according to Nansen data.
Launched Thursday on Solana, the token surged 1,400% within an hour to a peak of $3 before tumbling back down. Less than 24 hours later, YZY had already dropped 74% to around $0.77. The rollout has been mired in controversy, with critics citing suspected insider sales and sniper activity.
Despite the crash, YZY saw heavy activity: a Dune Analytics query showed more than 56,000 wallets interacted with the memecoin, and Nansen reported over 27,000 wallets still holding at least $1 worth. Yet, of the first 99 buyers, only nine still held any tokens at the time of writing.
YZY investor records a $1.8 million loss
Nansen data shows the largest loss came from a wallet that shed $1.8 million, followed by another down $1.2 million. Meanwhile, one trader continues to hold YZY with an unrealized loss exceeding $800,000.
A select group of insiders and snipers
Crypto data firm Bubblemaps said, “This is worse than we thought,” after identifying the first YZY buyer as the same sniper who previously profited millions from the Trump memecoin.
The firm also noted intel linking another sniper who had pooled funds and executed token snipes alongside the first.
“There’s an elite group of snipers who don’t compete but coordinate, making millions destroying charts.”
Meanwhile, blockchain investigator Dethtective linked the sniper known as “Naseem” to a cluster of wallets tied to the controversial LIBRA token, suggesting the same operator leveraged insider knowledge to extract tens of millions of dollars.
“These celebrity coins are often pitched as a way to bring new people into crypto,” Dethtective said. “But to me, it looks more like a wealth transfer that makes the rich even richer.”
Celeb memecoin pump and dumps
It’s not the first time a celebrity-backed memecoin has sparked controversy with a pump-and-dump.
In December, TikTok star Hailey Welch launched HAWK, a token named after her viral “Hawk Tuah” catchphrase. The price chart closely mirrored YZY’s trajectory—plunging 90% within hours and triggering outrage over alleged sniping and insider trading. Retail traders lost millions, while insiders walked away with roughly $3 million, according to Bubblemaps.
Other celebrities—including Kim Kardashian, Iggy Azalea, Caitlyn Jenner, and Lindsay Lohan—have also faced scrutiny for ties to questionable memecoin launches.
“Oopsie… fam, next time pls don’t let me trade shitters like YZY. Should have just kept two-steppin,” BitMEX co-founder Arthur Hayes quipped.
