Insider Trading Shenanigans: Kanye’s YZY Memecoin Goes Wild! 🚀💰

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In a world where memecoins are born faster than a rabbit on a caffeine high, we find ourselves staring at the Solana-based YZY, a shiny new token that Kanye West (or Ye, if you prefer) decided to sprinkle his stardust upon. It rocketed to a valuation that could make a dragon weep-$3 billion in mere minutes! But, as with all things that glitter, there’s a catch. On-chain detectives, armed with nothing but their digital magnifying glasses, began to sniff around, raising eyebrows and possibly a few alarm bells about some rather dodgy insider trading activities. 🕵️‍♂️

YZY Faces Insider Trading Claims On Solana

Now, early trading is like a toddler with a new toy-everyone wants a piece, and it gets messy fast. The analytics account Lookonchain, which sounds like a place where you’d find a very bored cat, alleged that “Only YZY was added to the liquidity pool with no USDC.” This is akin to throwing a party and only inviting your closest friends while leaving the rest of the world outside, peering in through the windows. The developers might as well have been selling tickets to a concert that only they could attend. 🎟️

It seems some wallets had a sixth sense about the launch. One wallet, dubbed 6MNWV8 (which sounds like a robot from a low-budget sci-fi film), was caught red-handed trying to buy the token before it even existed. Once the trading gates swung open, this wallet splurged 450,611 USDC to snag 1.29 million YZY at about $0.35. Later, it sold 1.04 million YZY for a whopping 1.39 million USDC, keeping a tidy little stash of 249,907 YZY worth around $600,000. Analysts calculated this as “a profit of over $1.5M,” which is a lot of money for a digital rock. 💸

But wait, there’s more! A second group of transactions suggested a well-orchestrated rush to the front of the line, like a bunch of kids trying to be first in line for ice cream. According to Lookonchain, an insider spent 450,000 USDC across two wallets to buy 1.89 million YZY at $0.24, then flipped 1.59 million YZY for 3.37 million USDC at $2.12. One of these wallets even paid 129 SOL (about $24,000) in priority fees, which is like paying extra for a fast pass at a theme park. 🎢

Not every attempt to jump the queue was successful, though. One poor soul bought the wrong YZY and lost a staggering $710K, only to spend 761,000 USDC on the right token and miraculously recoup over $710,000 minutes later. It’s like winning the lottery after accidentally throwing your ticket in the bin. 🎟️🗑️

As the dust settled, speculation spread like wildfire. “Trader 0x68c0 just opened a 3x leveraged long on $YZY again,” Lookonchain noted, as if this trader had a penchant for throwing good money after bad. His previous two attempts had already lost a combined $159.6K, which is a bit like trying to catch a greased pig-slippery and not very rewarding. 🐖

Ultimately, the momentum broke faster than a promise made on New Year’s Eve. “YZY has dropped below $1,” Lookonchain reported, adding that whale 6ZFnRH spent 1.55 million USDC to buy 996,453 YZY at $1.56, only to exit at $1.06 for a loss of about $500,000 in less time than it takes to brew a cup of tea. ☕

At the network level, the launch turned into a live-fire stress test for Solana, which is a fancy way of saying it was a chaotic mess. SolanaFloor reported that the chain’s “true TPS (non-vote transactions) hit 2,300 for the first time” during the YZY debut, which is a new peak for real transaction throughput. It’s like watching a bunch of ants trying to carry a crumb ten times their size-impressive, but also a bit chaotic. 🐜

Beyond the wallet anecdotes, broader supply concentration data fanned the “insider” narrative. Coinbase’s Conor Grogan pointed to on-chain snapshots suggesting that at least 94% of the supply was in the hands of insiders at one point, including a single multisig with 87% before distribution. If this were a game of Monopoly, they’d be the ones with all the hotels on Boardwalk. 🏨

The project’s documentation promised anti-sniping measures-like deploying 25 contract addresses and randomly designating one as official-but those measures didn’t stop the early-access behavior that analysts flagged. It’s like putting a sign that says “No Running” in a playground and expecting kids to obey. 🏃‍♂️

At press time, Solana traded at $185, which is a number that means absolutely nothing to the average person but sounds impressive enough to make you nod knowingly. 🤔

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2025-08-21 23:35