It wasn’t so Yeezy after all.
Kanye West’s YZY memecoin has dropped 73% in value since it arrived three days ago.
YZY opened at $3 billion, quickly fell to $1 billion, is now worth less than $800 million.
According to CoinCentral.com, 13 people made $24 million right away, while all other investors lost millions. If you know anyone who did lose money, please email me at showbiz411@gmail.com.
The coin’s value is based on Kanye’s brands. So why would anyone have put money in this at all? West has lost all his fashion ties, and has no recording contract. He’s known for being antisemitic, vocally praising Hitler and the Nazis.
It doesn’t take a genius to see this thing was designed for sketchy reasons. CoinCentral says: “While insiders profited, retail investors faced devastating losses. The biggest losing wallet realized a $1.8 million loss according to Nansen data. Another wallet lost $1.2 million, and one trader held an unrealized loss exceeding $800,000.”
They advise: “Other celebrities including Kim Kardashian, Iggy Azalea, Caitlyn Jenner and Lindsay Lohan have faced allegations related to memecoin schemes. BitMEX co-founder Arthur Hayes commented on the YZY situation, saying retail investors should avoid trading such tokens.”
