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Why Kanye West’s YZY Meme Coin is Down 82% Juts a Week After Launch?
The post Why Kanye West’s YZY Meme Coin is Down 82% Juts a Week After Launch? appeared on BitcoinEthereumNews.com. Investors have been on a rollercoaster ride in just a week with Kanye West’s YZY meme coin. Launched just a week ago, the token has ATHs but also lows, as it dipped by 82%. Notably, the celebrity token curse continues with this as well, leaving investors with massive losses in place of high profits. Kanye West YZY Meme Coin Crashes 82% The newly launched meme coin YZY had a kickstart, with the name Kanye West attributed to it. Notably, the token soared to an ATH of $3.16 just minutes after launch, reaching a market capitalization of $400 million and above before it came crashing. At press time, the YZY token is down 82% from its ATH, currently trading at $0.5554, with $166.63 million in market capitalization. Its trading volume has also declined to $37.98 million, indicating a decline in investor interest. Source: CoinMarketCap, YZY Money Price chart Notably, a few crypto experts beforehand predicted this possibility, citing the performances of other celebrity tokens, dominated by insiders and scams. YZY Insiders Pump and Dumps Fuel Downtrend Kanye West’s token launch clearly put the hype vs reality picture straight. The YZY token was launched on August 21 and instantly became one of the trending meme coins, but the hype didn’t last. Soon after launch, reports came that insiders are controlling 90% of the YZY supply and even pocketing more than $24.5M in profits. More importantly, some of these got even early access or they knew details that weren’t even disclosed before the launch, giving them an early advantage. One such top insider is Hayden Davis (co-founder of the LIBRA project), who earned $12M per Bubblemaps report. Bubblemaps noted that his wallet purchased the Kany’s token just one minute after the launch and used multiple exchanges to disguise the fund sources. Source: X, Bubblemaps…
The post Why Kanye West’s YZY Meme Coin is Down 82% Juts a Week After Launch? appeared on BitcoinEthereumNews.com.
Investors have been on a rollercoaster ride in just a week with Kanye West’s YZY meme coin. Launched just a week ago, the token has ATHs but also lows, as it dipped by 82%. Notably, the celebrity token curse continues with this as well, leaving investors with massive losses in place of high profits. Kanye West YZY Meme Coin Crashes 82% The newly launched meme coin YZY had a kickstart, with the name Kanye West attributed to it. Notably, the token soared to an ATH of $3.16 just minutes after launch, reaching a market capitalization of $400 million and above before it came crashing. At press time, the YZY token is down 82% from its ATH, currently trading at $0.5554, with $166.63 million in market capitalization. Its trading volume has also declined to $37.98 million, indicating a decline in investor interest. Source: CoinMarketCap, YZY Money Price chart Notably, a few crypto experts beforehand predicted this possibility, citing the performances of other celebrity tokens, dominated by insiders and scams. YZY Insiders Pump and Dumps Fuel Downtrend Kanye West’s token launch clearly put the hype vs reality picture straight. The YZY token was launched on August 21 and instantly became one of the trending meme coins, but the hype didn’t last. Soon after launch, reports came that insiders are controlling 90% of the YZY supply and even pocketing more than $24.5M in profits. More importantly, some of these got even early access or they knew details that weren’t even disclosed before the launch, giving them an early advantage. One such top insider is Hayden Davis (co-founder of the LIBRA project), who earned $12M per Bubblemaps report. Bubblemaps noted that his wallet purchased the Kany’s token just one minute after the launch and used multiple exchanges to disguise the fund sources. Source: X, Bubblemaps…
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