Nearly 56,000 'Kanye meme coin' investors… 60% are at a loss

JOON HYOUNG LEE

Summary

It was reported that over 60% of YZY, a Solana (SOL)-based meme coin, investors are currently at a loss.
The number of YZY investors is about 56,000, and only 38% of them are in the profit zone.
Conor Grogan, a director at Coinbase, stated that more than 90% of YZY tokens are presumed to be owned by insiders.

It has been found that over 60% of investors in YZY, a Solana (SOL)-based meme coin issued by American rapper Kanye West, are currently at a loss.

According to SolanaFloor on the 21st (local time), the number of YZY investors was approximately 56,000 as of this date. Only 38% of investors (about 12,000 people) were in the profit zone. This means that 4 out of 10 investors (62%) are currently experiencing losses.

Previously, Kanye West launched YZY on the previous day (the 20th). Conor Grogan, a director at Coinbase, stated that it is estimated that more than 90% of the YZY tokens are held by insiders.

SOL