Kickboxer and controversial influencer Andrew Tate has faced substantial losses in his investments in the YZY token launched by Kanye West. Despite his fame, the results of his trading have puzzled analysts.
Andrew Tate's Trading Losses
According to analytics platform Lookonchain, a wallet address linked to Tate opened a short position on the YZY token at $0.85, and he is currently sitting on a $16,000 loss on this position. His total losses on the Hyperliquid account have approached nearly $700,000, with a win rate of only 36.25% from 80 trades.
Launch of the YZY Token
The YZY token was launched on the Solana platform on June 7, 2024. In the first hour, the token surged by 1400% but subsequently dropped over 74%. During this time, the top 13 wallets profited approximately $24.5 million by selling their assets.
Problems with Other Meme Tokens
Previously, Andrew Tate supported other meme tokens, but most of them quickly lost about 99% of their value. According to Bubblemaps, 30% of the initial token supply, such as Daddy Tate and others, was allocated to insiders. Additionally, other celebrities, including 50 Cent and Iggy Azalea, similarly promoted meme tokens on Solana that faced significant price declines.
Andrew Tate's experience serves as a reminder of the risks associated with cryptocurrency investments, particularly in meme tokens that have been shown to rapidly depreciate.
