The recent launch of Kanye West's YZY token has stirred excitement in the crypto community. Starting with a 1400% rise, the token quickly demonstrated significant decline.
Rise and Fall of YZY
The YZY token immediately captured attention in the crypto market, rising by 1400% post-launch. However, its market value soon significantly dropped, having lost over 74% from its peak value. Initially, the market capitalization reached $3 billion, but it has now plummeted to only $87 million, with a 33% drop in the past 24 hours.
Andrew Tate's Trading
Andrew Tate, a controversial influencer, opened a 3x short position on YZY, currently showing a profit of $16,000. However, his overall trading record in perpetual futures has not been strong: out of 80 trades, only 29 were profitable, resulting in a win rate of 36.25%. His total losses across all trades amount to $699,000.
Insider Information and Trader Losses
Amid the trading losses of ordinary traders, insiders appear to be making profitable moves. One trader lost $500,000 in less than two hours, purchasing nearly 1 million $YZY at $1.56 and selling at $1.06. Another, attempting 3x leveraged long positions, ended up losing $159,000. Meanwhile, one insider made over $3 million on YZY, while another trader who initially lost $710,000 quickly recovered the same amount.
The situation surrounding the YZY token illustrates the extreme volatility of the crypto market and the influence of insider information. A successful token launch does not guarantee market stability, and traders should exercise caution.
