According to new data from Nansen, a total of 13 wallets traded the Kanye West-associated YZY token, each earning over a million dollars.

YZY token was launched on the Solana platform on Thursday, with the top 13 wallets earning a total of $24.5 million through token sales.

Within an hour of the token's launch, the YZY price skyrocketed by 1400%, peaking at $3, before quickly falling again. According to Nansen data, the token price plummeted by 74% in less than 24 hours, dropping to around $0.77. The issuance sparked controversy, with many observers questioning insider selling and sniper activities.

According to queries from Dune Analytics, over 56,000 wallets interacted with this meme coin, while Nansen reported that there are still over 27,000 wallets holding tokens worth more than $1.

Data shows that out of the 99 addresses that initially purchased the token, only 9 are still holding it.

YZY holders incur losses of $1.8 million

According to Nansen, the biggest loser suffered a loss of up to $1.8 million, followed by a wallet that lost $1.2 million. There is also a trader currently holding YZY tokens with unrealized losses exceeding $800,000.

Elite snipers and insiders

Cryptocurrency data provider Bubblemaps revealed that the first-time buyers were identified as snipers who profited from the Trump meme coin. They disclosed that another sniper previously shared funds and operated together.

Additionally, a blockchain investigator connected the sniper 'Naseem' to another series of wallets, suggesting the same operator extracted tens of millions of dollars using insider information.

These celebrity tokens are often described as a way to attract new users, but in my view, they resemble a transfer of wealth, making the rich richer.

Celebrity meme coin fluctuations

This is not the first time a celebrity has launched a meme coin that sparked controversy.

The meme coin HAWK, launched by TikTok influencer Haliey Welch, followed a similar trend to YZY, plummeting by 90% within just a few hours, leading to accusations of sniping and insider trading.

Other celebrities such as Kim Kardashian, Iggy Azalea, Caitlyn Jenner, and Lindsay Lohan have also been implicated in similar pump and dump schemes.