Kanye West’s Yzy Token created some of the talked about moments on the Crypto Market this yr.
Its ripple results are essentially the most seen in Solana’s distributed alternate (DEX) ecosystem.
Meteora is within the highlight
In accordance with Defilama knowledge, Yzy’s launch injected Solana with a lot liquidity and speculative frenzy, with DEX rising Meteora recording a whopping $1.182 billion on August 21. Consequently, Meteora was in a position to overtake the long-standing chief Raidium as essentially the most energetic Solana base alternate.
This milestone wasn’t nearly quantity. Meteora raked in charges of $16.05 million over the identical interval.
Meteora’s spikes demonstrated how celebrities-driven tokens act as short-term catalysts for buying and selling platforms by driving each exercise and income in ways in which even main Defi protocols not often obtain. However, beneath the floor, Yzy Mania highlights deeper points concerning superstar tokens, insider actions and retail vulnerabilities that plague the crypto trade.
Santimento captured the temper nicely. It revealed that amid rumors of insider dumping that Yzy tokens have skyrocketed to a market capitalization of $3 billion in a single day. The hype couldn’t be denied. West’s first foray into Crypto contradicted his personal public stance earlier this yr.
His reversal inspired a frenzy as he was drawn to each followers and opportunistic merchants, however then the Latecomers nursing an enormous loss.
Yzy Rigged?
A dense chain evaluation deepened the controversy and revealed how a specific pockets might win a big Yzy allocation for simply $0.20, however most merchants went in at a better worth.
One such pockets moved the funds into the Treasury pockets after plating a $250,000 purchase into an almost $1 million revenue in simply eight minutes. The pockets was tied to a suspicious related revenue making technique that was later used throughout the firing of the Libra token, inflicting suspicion of insider changes.
In complete, these wallets had been extracted almost $23 million throughout Yzy and Libra by benefiting from the advantages of early entry.
