Kanye West’s YZY token launch turned out to be a wild rollercoaster ride, leaving 105 traders with losses ranging from $100,000 to a whopping $1 million each. That’s a total of $26 million down the drain, averaging at $250,000 per wallet – ouch! According to Bubblemaps analysis, out of the 70,201 crypto enthusiasts who jumped in on the action, a staggering 51,862 ended up in the red. The Solana-based token’s market cap soared to over $3 billion before crashing more than 90% in just a few hours. Talk about a crypto whirlwind! The data paints a clear picture of haves and have-nots, with a mere 0.015% of wallets raking in profits exceeding $1 million each, snatching up a cool $18.9 million. But hold on, the losses didn’t discriminate – those with larger positions felt the brunt of it. Wallets in the $10,000 to $100,000 loss bracket took the biggest hit, tallying up to about $25.4 million, with the pain spread across 917 accounts at an average loss of $27,700. And let’s not forget about the 4,244 traders who bid adieu to $1,000 to $10,000 each, adding up to over $13 million. At the peak of the chaos, three unlucky traders watched as over $1 million slipped through their fingers, resulting in a combined loss of $5.07 million. Tough break, indeed! Only a sliver of wallets, a mere 1%, managed to turn the tables and land in the profit zone. Out of the 18,333 traders who found success, nearly 86% pocketed up to $1,000, making a modest total of $1.65 million, with an average profit of $105 per trader in this group. The real winners, however, were the 642 wallets that snagged profits exceeding $10,000 each, banking a handsome $58.8 million – that’s a whole lot of zeros! And let’s not overlook the 88 traders who struck gold, earning between $100,000 and $1 million each, totaling an impressive $24.9 million. What fueled this whirlwind of gains and losses? Well, structural roadblocks played a significant role, with an initial supply heavily controlled by insiders and pesky fee structures. The YZY pool operated with a 1% base fee that swiftly shot up to 2.68%, coupling with slippage costs to create an estimated 10% round-trip trading expense for participants. This saga with YZY sheds light on the wild world of memecoins, where fortunes are made and lost in the blink of an eye, often favoring the select few insiders or savvy token snipers. It’s a reminder that in the crypto jungle, only the strongest – or luckiest – survive. Stay sharp, traders!
Kanye’s YZY Token Launch: 105 Traders Take a $75M Rollercoaster Ride
