Former kickboxing champion and controversial influencer Andrew Tate is among the many newest celebrities to dive into Kanye West’s newly launched YZY token, however his bets are already deep within the pink.
A pockets deal with linked to Tate opened a 3x leveraged quick place on the lately launched, West-linked YZY token at $0.85 and was sitting on a $16,000 loss on the place.
Tate “doesn’t appear to be good at perps buying and selling,” as his cumulative losses are nearing $700,000 on this single Hyperliquid account, wrote blockchain analytics platform Lookonchain in a Friday X put up. “So far, he is made 80 trades on #Hyperliquid — solely 29 had been worthwhile (win fee: 36.25%) — with whole losses of $699K.”
The YZY token was launched on Solana on Thursday by the rapper, with the highest 13 wallets profiting a complete of $24.5 million as they dumped the token, which spiked 1,400% throughout the first hour earlier than dropping over 74% since.
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With rising celeb curiosity in cryptocurrencies, extra influencers are realizing losses, exhibiting that not all monetary recommendation or funding endorsements needs to be handled equally.
The dropping commerce comes greater than a yr after Tate was hit by insider buying and selling allegations associated to his memecoin, the Daddy Tate (DADDY) token, which noticed insiders scoop up 30% of the provision at launch earlier than Tate began selling the token on X, Cointelegraph reported on the time.
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Most Andrew Tate-endorsed memecoins crashed by 99%
Tate joined waves of celebrities who jumped on the Solana memecoin bandwagon on June 7, 2024, endorsing greater than 10 tokens recognized for having no intrinsic worth.
Most of the tokens misplaced round 99% of their worth shortly after Tate’s endorsement, with a number of tokens allegedly having as much as 30% insider provide allocation, Bubblemaps warned in an X put up in October 2024.
These included Roost (ROOST), the Germany Token (GER), Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT) and Daddy Tate (DADDY).
Over 30 celebrity-endorsed tokens launched on Solana in June 2024 and have seen costs fall by at least 73.23%.
Other celebrities who promoted Solana-based meme tokens embody 50 Cent, Caitlyn Jenner, Iggy Azalea and soccer legend Ronaldinho Gaúcho.
UFC contender Khamzat Chimaev-linked Smash (SMASH) token was additionally hit by insider allegations after it was revealed that as much as 78% of the token’s provide was purchased by workforce and developer-related wallets, Cointelegraph reported in July 2024.
Three days after the token launch, Chimaev’s supervisor, Majdi Shammas, claimed that the martial artist “wasn’t concerned” with the SMASH memecoin and “[knows] simply as little as you do,” alleging that he promoted the coin with out the fighter’s enter.
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