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Kanye West’s entry into crypto started with hype and ended in chaos. His meme coin, YZY, exploded out of the gate on Aug. 21, briefly touching a market cap close to $3 billion. But the excitement didn’t last.
Within days, the token plunged nearly 80%, wiping out much of its value and leaving traders deep in the red amid growing suspicions of insider moves. Over 60% of traders lost on Kanye West’s YZY token.
Data from analyst Defioasis shows that only 38% of the 30,884 wallets that traded Kanye West’s YZY meme coin came out ahead—and most of them made less than $500. Just 406 wallets earned more than $10,000, while more than 60% of traders lost money.
Nearly 15,000 wallets are down between $0 and $500, and one unlucky trader has already booked losses of more than $1 million.
At the same time, a handful of wallets secured huge gains, fueling speculation of insider involvement. Analysis by Bubblemaps revealed that one of the earliest buyers of YZY was a wallet tied to Naseem, a trader previously connected to early entries in the Official Trump (TRUMP) and Libra (LIBRA) meme coins.
On launch day, he spent $250,000 on YZY, flipped it into $1.4 million, and has already withdrawn $800,000. Naseem, who runs a personal account with nearly 30,000 followers, last posted on Feb. 1—right before the LIBRA controversy tied to Argentine President Javier Milei. That token collapsed, leaving most traders with heavy losses and earning a widespread reputation as a scam.
Another wallet tied to Hayden Davis, one of the creators of the LIBRA token, was also identified as a YZY buyer.
Kanye West’s YZY meme coin had been hyped for months, fueled by swirling rumors. But history shows that celebrity-backed tokens almost always collapse, often wiping out nearly all their value.
Despite that track record, the stars themselves usually walk away with their reputations intact, while traders are left nursing losses. YZY now looks like the latest entry in that familiar cycle.
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