No one doubted that it would be a scam. Last week, rapper Kanye West has launched a memecoin on Solana called YZY. The coin soared and fell quickly on the same day. Information about insider trading and snipers immediately emerged, combined with thin liquidity and rapid speculation. Thus, out of 70201 YZY traders, only 18333 remained profitable.
In total, 51826 addresses lost from $1 to $1 thousand, another 5269 lost from $1 thousand to $10 thousand, and 1025 wallets lost from $10 thousand to $100 thousand. 108 wallets that lost more than $1 thousand each are at the top of the list. Three more wallets lost $1 million or more.
On the other hand, 11 addresses recorded a profit of more than $1 million. This is only 0.015% of the total number of wallets. Another 99 wallets generated more than $100 thousand, while 2541 wallets earned $1 thousand or more.
In other words, traders lost about $8.2 million.
The uneven distribution reflects what was said at the start. For example, 70% of the YZY coin supply was intended for Yeezy Investments LLC, locked under the Jupiter ledger system, with only 20% available to the public and another 10% used for liquidity. The pool itself consisted of only YZY tokens without a stablecoin pairing — a design that leaves the door open for sudden liquidity pulls. This is very similar to the scheme used in the LIBRA token. Interestingly, Hayden Davis, one of the key figures in the LIBRA and MELANIA token stories, earned $12 million on YZY tokens by sniping. That is, he bought the coins as soon as they became publicly available.
Source: Bubblemaps
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