Kanye West’s YZY Crypto Token Faces Sharp Decline, Leaving Investors in Losses
YZY, the crypto coin backed by Kanye West, has plummeted 81% since its peak. Currently, it trades at $0.55 and holds a $71.6 million market cap. This sharp drop has left many retail investors underwater.
Data from Bubblemaps reveals a grim picture. Over 50,000 wallets experienced losses, ranging from $1 to over $1 million. Yet, a small group of wallets managed to benefit significantly. Just 11 wallets reportedly earned over $1 million each.
The crash underscores a disparity between a few big winners and numerous losers. As retail investors suffer notable losses, concerns about insider trading and market manipulation are growing. Some experts suspect that bots might have secured YZY tokens early, contributing to this imbalance.
Similar issues are common in celebrity-backed crypto projects like Argentina’s LIBRA and donald Trump’s TRUMP. Critics argue that such initiatives may favor insiders, leaving everyday investors stranded.
- Over 70,000 wallets interacted with YZY.
- 51,862 wallets lost between $1 and $1,000.
- Only 11 wallets gained over $1 million.
Analysts worry that YZY’s structure allows developers too much control.This setup could influence prices unfairly. Despite these concerns, West and his team remain silent, offering no response to accusations or inquiries.
