Controversial Influencer Andrew Tate Scores $16K Profit From Shorting Kanye West’s YZY Coin
Andrew Tate has pocketed a $16,000 revenue after betting in opposition to Kanye West’s meme token YZY, even because the controversial cryptocurrency continues to unravel.
The previous kickboxer and self-styled entrepreneur opened a three-times leveraged brief on YZY at $0.8524, based on blockchain analytics agency Lookonchain. With the token now buying and selling close to $0.77, his place stays within the inexperienced.
However whereas the commerce appears to be like like a win, Tate’s broader monitor document in crypto markets is way much less flattering. On Hyperliquid, a decentralized perpetuals change, he has made 80 trades so far.
Solely 29 have been worthwhile, giving him a win charge of simply 36.25% and complete losses of round $699,000, Lookonchain knowledge exhibits.
Concentrated Holdings Gas Sharp Rise And Quicker Collapse
YZY itself has mirrored the hype-fueled rise and spectacular falls that usually outline celebrity-linked tokens. The coin soared to a $3b market capitalization inside 40 minutes of launch this week, propelled by Ye’s star energy and broader speculative frenzy.
That momentum shortly evaporated, with the token plunging nearly 23% prior to now 24 hours alone to $0.7743, based on CoinGecko. Its market cap now sits close to $100.3m.
Behind the value swings lies a focus of energy. Blockchain knowledge exhibits that over 94% of provide was within the palms of insiders at launch. A single multisig pockets managed 87% earlier than retail traders might meaningfully take part.
These insiders appear to have booked huge gains. One pockets, labeled “6MNWV8,” spent 450,611 USDC to purchase 1.29m tokens at $0.35 every, later promoting most for 1.39m USDC and retaining holdings nonetheless value $600,000.
One other whale put in 12,170 SOL, valued at $2.28m, for two.67m tokens and continues to carry an unrealized achieve of about $6m.
Hype-Pushed Ventures Hold Tate In The Highlight Regardless of Losses
Tate’s function as a dealer has typically drawn consideration, not least due to his personal ventures in memecoins. His Daddy Tate ($DADDY) token launched on Solana, reaching a $124.57m market cap by July 2024 earlier than collapsing to $17.79m a 12 months later. On-chain data later confirmed 11 wallets purchased up 20% of the availability simply earlier than Tate started selling it.
He has additionally linked his title to Andrew Tate’s Canine ($G), one other short-lived try and capitalize on the meme token pattern. Critics argue these tasks lean extra on celeb hype than sustainable communities or expertise.
Even his leveraged bets have carried controversy. Tate as soon as claimed a 138.5% revenue on a 25x lengthy place in Ethereum, however blockchain evaluation later revealed steep internet losses.
The publish Controversial Influencer Andrew Tate Scores $16K Profit From Shorting Kanye West’s YZY Coin appeared first on Cryptonews.
