Whelp, Ye’s latest crypto experiment has turned into a cautionary tale for thousands of investors. The YZY memecoin, which launched on the Solana blockchain on August 21, exploded in value by 1,400 percent within its first hour. But the hype did not last long. The token has since crashed by more than 80 percent, wiping out millions in paper profits and sparking heated debate across the crypto community and hip hop circles alike.
This is wild.
According to blockchain analytics firm Bubblemaps, over 70,200 wallets got involved in trading the coin. Out of those, more than 51,800 traders ended up losing money. For some, the losses were devastating. The data revealed that three individual traders each lost more than $1 million after the price collapsed. Bubblemaps noted in a post on X, “Meanwhile, 11 wallets made $1M+.”
Get this, that staggering contrast has fueled conversations on socials about the dangers of chasing quick flips on celebrity backed coins that lack real technological or financial infrastructure. In total, while 11 wallets scored seven figure wins and 99 other accounts cleared over $100,000, the overwhelming majority were left in the hole, collectively down more than $74 million.
What’s more, as of now, Nansen reports the YZY token is trading at just $0.5515, a steep drop from its initial high, with only about 19,531 wallets still holding on. The fallout has also sparked speculation about insider moves. Bubblemaps pointed to Hayden Davies, known for co creating the Official Melania Meme (MELANIA) and the Libra token, as one of the possible players involved in the launch.
The saga surrounding YZY shows how quickly hype fueled coins can flip fortunes, serving as yet another reminder of the volatility and risk that comes with celebrity driven crypto ventures.