More than 51,000 merchants incurred losses in the recently launched memecoin of Kanye West, highlighting the potential risks of exchanging famous tokens with celebrities without intrinsic technological utility.
The Token Yzy linked to Kanye West threw himself in the Solana block chain on August 21. It joined 1,400% in the first hour before losing more than 80% of its value.
Of the 70,200 merchants who invested in the Famous Token, more than 51,800 losses made, with three merchants losing more than $ 1 million, according to the Blockchain Bubblemaps data platform.
“Meanwhile, 11 wallets won $ 1m+,” Bubblemaps wrote on a Wednesday X mail.
Amid large -scale losses of most token merchants, only 11 of 70,000 wallets generated more than $ 1 million in profits, while 99 generated more than $ 100,000, highlighting the financial risks of memes tokens with famous to famous with a lack of block chain.
Meanwhile, the price of Yzy Token has dropped more than 80% since its historical maximum, which is traded at $ 0.5515 with only 19,531 merchants that support the Token, data from the Blockchain Intelligence Platform Nansen shows.
The former Kickboxing champion Andrew Tate was among the merchants seeking to benefit from the tab backed by the rapper. Tate opened a short -signed 3x position in the Token Yzy, which led to a total loss of $ 700,000 in the hyperlychide account related to Tate, Cointelegraph reported on Friday.
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Hayden Davis “Sniped” Yzy Token launch for $ 12 million: Bubblemaps
After the Yzy incident, the Blockchain data platform pointed to Hayden Davies, the official melania cooking (Melania) and the Token Libra, as one of the possible experts.
Davies received renewed access to his funds on August 21, after a judge did not have $ 57.6 million in USDC (USDC) linked to the Token scandal of Libra, Cointelegraph reported.
“Despite our collective efforts as researchers, builders and communities, the same names continue to execute the same scams,” Bubblemaps wrote on a Wednesday X mailadding:
“The next day, Davis (Kelsier) cut the launch of Yzy E won $ 12 million.”
“Naseem: a network of snipers linked to Naseem, celebrities for winning $ 100 million in Trump, was the first to buy Yzy. These snipers are constantly first, printing millions,” added the platform.
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Despite resulting in significant retail peaks, most cryptocurrencies backed by celebrities fail to gain traction and increase to become great capitalization tokens.
More than 30 famous tokens in Solana launched in Solana in June 2024 and have seen that prices fall by not less than 73.23%. The celebrities that supported these chips included 50 Cent, Caitlyn Jenner, Iggy Azalea and the Ronaldinho Gaúcho football legend.
Tate also climbed into the Memecoin de Solana car on June 7, 2024, supporting more than 10 chips, most of which lost about 99% of their value shortly after support.
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