Nansen data shows that a total of 13 wallets have made more than $1 million each, each trading Kanye Westlink’s Yzy.
The Yzy token was launched on Solana by the rapper on Thursday, with the top 13 wallets earning a total of $24.5 million when they dumped the token.
The Yzy token spiked 1,400% within an hour of launch and hit a peak price of $3 before dumping again. Within 24 hours of the spike, tokens fell 74% to about $0.77. The launch was controversial, with many observers pointing to insider sales and alleged snipers.
A Dune Analytics query showed that over 56,000 wallets interacted with Memecoin, while Nansen reported that there were still over 27,000 wallets holding more than $1 worth.
Data also included only nine of the first 99 addresses to purchase the token, at the time of writing they still held Yzy.
Yzy Holder is losing $1.8 million
According to Nansen, the biggest loser was a wallet that achieved a loss of $1.8 million, followed by a wallet that lost $1.2 million. One trader still held the Yzy token with an unrealized loss of over $800,000.
Elite group of snipers and insiders
“This is worse than we thought,” said Crypto Data Provider Bubblemaps. After revealing the identity of the first buyer, millions of people made the process as the sniper who first bought Trump’s memo coins.
It also added that it received a point to another sniper who shared funds alongside this in the past and snipered the token.
“There’s an elite group of snipers who don’t compete but adjust and make charts that destroy millions of people.”
Meanwhile, blockchain detectives link the sniper “Naseem” to another wallet behind the controversial Libra token, suggesting that the same operator used insider knowledge to extract tens of millions of dollars.
Related: Kanye West Yzy Sniper Wallet Link to $21 Million Libra Extraction Scheme: Analyst
“These celebrity coins are usually described as ways to be mounted on people,” says the handle “density.”
Celebrity Memo Coin Pump and Dump
It’s not the first time a celebrity has fallen into controversy and has released a dumped memo coin.
Tiktok influencer Haliey Welch launched Memecoin in December, called Hawk, named after the infamous “Hawk Tuah” catchphrase.
The chart pattern was creepy similar to Yzy’s pattern as Memocoin dumped 90% in a matter of hours, causing allegations of snipe and insider trading. Retailers have lost millions, but a group of insiders pocketed $3 million, according to Bubblemaps.
Other celebrities, including Kim Kardashian, Iggy Azalea, Caitlyn Jenner and Lindsay Lohan, are caught up in suspicions of Mimecoin’s pump and dump scheme.
“Oopsie…fam Next time, don’t let me trade Sitter like yzy. I had to keep two stepsin,” said Arthur Hayes, co-founder of Bitmex.
magazine: Caitlyn Jenner Memecoin ‘Mastermind’s’ Celebrity Price List Leaked
