American rap king 'Kanye West' grandly launched the cryptocurrency 'Yeezy Money ($YZY)' last week, but unexpectedly, within just a few days, it went from the market's hot topic to a 'leek tragedy,' with over 73% of participating wallets being trapped, resulting in a total loss of $74.8 million.
According to statistics from the on-chain data analysis platform Bubblemaps, since the issuance of $YZY, as many as 70,201 wallet addresses have participated in trading, of which 51,862 (accounting for 73.8%) are in a loss, with 1,025 wallets experiencing losses exceeding $10,000.
At the same time, there are 18,333 wallets that made profits through investing in $YZY, accumulating profits of about $66.6 million, but as much as 86% earned less than $1,000, with real winners concentrated in a few specific wallets.
Bubblemaps pointed out that only 11 addresses account for nearly 30% of the profits, meaning that the vast majority of investors have become 'bag holders,' paying the price for the profits of a few whales.
Kanye West officially launched $YZY on August 21 and vigorously promoted it through social media and the official website, claiming to empower users to 'take control of their financial autonomy and break free from the constraints of centralized institutions.'
However, the reality is extremely harsh, as $YZY plummeted nearly 70% just hours after going live.
According to analysis from Bubblemaps and observers in the crypto space, the market for YZY appears to have been manipulated through 'insider trading' and 'sniping' — a method involving automated bots that aggressively purchase tokens the moment they are listed, often locking the majority of the supply in the hands of a few, who then wait for the opportunity to sell at high prices for profit.
It is rumored that the famous 'sniper' trader Naseem (who previously arbitraged over $100 million from 'Trump Coin') is suspected to be one of the first buyers of $YZY; another individual, Hayden Davis, linked to the Argentine president's coin $LIBRA and previously embroiled in multiple controversies within the crypto space, is accused of making a profit of $12 million by sniping $YZY.
"'Kanye' launches currency and becomes a harvesting ground: 73% of investors lose their entire investment, 30% of profits concentrated in 11 wallets" This article was first published on (Blockchain Guest).
