Most investors in the YZY memecoin, launched by rapper Kanye West, suffered significant financial losses. Of the more than 70,000 traders who participated in the trades, nearly 74% incurred a loss. This is evidenced by data from the analytical project Bubblemaps, Incrypted reports.
According to the report, the total loss of investors amounted to $74.84 million, while the profit was only $66.64 million. This confirms a significant skew in the distribution of income.
While a total of 18,333 investors made a profit, most of them made small amounts:
- 15,040 wallets received income of up to $1,000.
- Only 11 wallets were able to earn more than $1 million, accounting for approximately 30% of the total profit from the project.
The launch of the memecoin immediately attracted criticism due to suspicions of insider trading. Previously, Bubblemaps reported that one of the co-founders of the scandalous memecoin LIBRA, Hayden Davis, also made money on YZY, buying up the asset a minute after the announcement and selling it for a significant profit.
This data once again highlights the high risks associated with investing in memecoins, particularly those launched by famous personalities.