74% of Kanye West memecoin investors face losses totaling $74.8M

"Approximately 74% of investors in YZY, a Solana-based memecoin launched by U.S. rapper Kanye West, have incurred losses, The Block reported, citing data from Bubblemaps. According to the data, 51,862 out of 70,201 investing addresses are currently at a loss, with total losses amounting to $74.8 million. While 18,333 addresses have profited by a total of $66.6 million, the vast majority of them—15,792 addresses—earned less than $1,000 each. The token's value plummeted by nearly 70% within hours of its launch amid allegations of manipulation through insider trading."