Kanye West’s YZY Token Sparks Losses, Despite Initial Boom

A new meme coin tied to rapper Kanye West has experienced a drastic downturn in value after its launch. While the token saw explosive growth initially, over 51,000 traders have suffered losses totaling $74 million, according to blockchain data platform Bubblemaps. The YZY (YZY) token, launched on Solana blockchain on August 21st, experienced a surge of over 1,400% within the first hour but later plummeted by more than 80%. A majority of traders, approximately 51,800 out of 70,200, incurred losses. While this represents significant financial loss for many investors, 11 wallets accumulated profits exceeding $1 million.