Kanye West’s YZY Token on Solana has caused significant losses for investors. According to Bubblemaps, over 70,000 wallets participated, but 51,862 wallets incurred losses, with total losses exceeding 26 million USD. Among them, 105 wallets lost between 100,000–1 million USD, and three wallets lost over 1 million USD. On average, each wallet lost about 250,000 USD.
YZY once reached a market capitalization of 3 billion USD before collapsing by more than 90% in just a few hours. Meanwhile, only 11 wallets (0,015%) made over 1 million USD, accounting for the majority of the 18.9 million USD in profits. Overall, only 26% of wallets were profitable, but 86% of these earned less than 1,000 USD. Less than 1% of wallets made over 10,000 USD, capturing up to 88% of the total profits.
The reason for the loss comes from 94% of the initial supply being controlled internally and high transaction fees, causing buying and selling costs to reach 10%. The incident exposes the brutal risks of the memecoin market.
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