A complete of 13 wallets made greater than one million {dollars} every buying and selling Kanye West-linked YZY, in line with information from Nansen.
The YZY token was launched on Solana on Thursday by the rapper, with the highest 13 wallets profiting a complete of $24.5 million as they dumped the token.
The YZY token spiked 1,400% inside an hour of its launch, hitting a peak value of $3 earlier than dumping once more, in line with Nansen. In lower than 24 hours because the spike, the token has dropped 74% to about $0.77. The launch was controversial, with many observers pointing to alleged insider gross sales and snipers.
A Dune Analytics question indicated that greater than 56,000 wallets interacted with the memecoin, whereas Nansen reported that there have been nonetheless over 27,000 wallets holding greater than $1 price.
Information additionally confirmed that out of the primary 99 addresses to purchase the token, solely 9 nonetheless held any YZY on the time of writing.
YZY holder realizes a $1.8 million loss
The most important loser, in line with Nansen, was a pockets that realized a lack of $1.8 million, adopted by a pockets that misplaced $1.2 million. One dealer was nonetheless holding its YZY tokens with an unrealized lack of greater than $800,000.
Prime 10 YZY merchants extracted greater than $18 million. Supply: Nansen
An elite group of snipers and insiders
Crypto information supplier Bubblemaps stated, “That is worse than we thought,” after revealing the id of the primary purchaser because the sniper who first purchased the Trump (TRUMP) memecoin, making tens of millions within the course of.
It added that it additionally acquired intel pointing to a different sniper who had shared funds and sniped tokens alongside this one previously.
“There’s an elite group of snipers who don’t compete however coordinate, making tens of millions destroying charts.”
In the meantime, a blockchain sleuth linked the sniper, “Naseem,” to a different set of wallets behind the controversial LIBRA token, suggesting that the identical operator extracted tens of tens of millions of {dollars} utilizing insider data.
Associated: Kanye West YZY sniper pockets linked to $21M LIBRA extraction scheme: Analysts
“These superstar cash are often described as a strategy to onboard folks,” the sleuth going by the deal with “Dethtective” stated, earlier than including, “To me it appears to be like extra like a switch of wealth that makes the wealthy even richer.”
YZY pumps and dumps as snipers make off with tens of millions. Supply: Nansen
Celeb memecoin pump and dumps
It’s not the primary time a star has launched a memecoin that has pumped and dumped to controversy.
TikTok influencer Haliey Welch launched a memecoin known as HAWK, named for her notorious “Hawk Tuah” catchphrase, in December.
The chart sample was uncannily just like YZY’s because the memecoin dumped 90% in a number of hours, sparking outrage and allegations of sniping and insider buying and selling. Retail merchants misplaced tens of millions, whereas a gaggle of insiders pocketed $3 million, in line with Bubblemaps.
Different celebrities together with Kim Kardashian, Iggy Azalea, Caitlyn Jenner and Lindsay Lohan have been entangled in alleged memecoin pump-and-dump schemes.
“Oopsie… fam subsequent time pls don’t let me commerce shitters like YZY. Ought to have simply stored two-steppin,” stated BitMEX co-founder Arthur Hayes.
Journal: Caitlyn Jenner memecoin ‘mastermind’s’ superstar value record leaked
