Former kickboxing champion and contentious influencer Andrew Tate is among the latest celebrities to invest in Kanye West’s newly introduced YZY token, but his investments are already showing substantial losses.
A wallet associated with Tate established a 3x leveraged short position on the recently launched, West-related YZY token at $0.85 and is currently facing a $16,000 loss on the investment.
Tate “doesn’t appear proficient in perps trading,” as his total losses approach $700,000 on this single Hyperliquid account, reported blockchain analytics platform Lookonchain in a Friday X post. “Thus far, he’s completed 80 trades on #Hyperliquid — only 29 were successful (win rate: 36.25%) — with overall losses of $699K.”
The YZY token was launched on Solana on Thursday by the rapper, with the top 13 wallets collectively profiting $24.5 million as they sold the token, which surged 1,400% within the first hour before plummeting over 74% since.
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With increasing celebrity engagement in cryptocurrencies, more influencers are experiencing losses, highlighting that not all financial advice or investment recommendations are equal.
This losing trade comes over a year after Tate faced insider trading allegations linked to his memecoin, the Daddy Tate (DADDY) token, which saw insiders acquire 30% of the initial supply before Tate started promoting the token on X, as reported by Cointelegraph at the time.
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Most Andrew Tate-endorsed memecoins crashed by 99%
Tate joined the ranks of celebrities who hopped on the Solana memecoin trend on June 7, 2024, endorsing over 10 tokens known for lacking intrinsic value.
Most of these tokens experienced approximately 99% loss in value shortly after Tate’s endorsement, with multiple tokens allegedly having up to 30% insider supply allocation, according to a warning from Bubblemaps in an X post 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 prices decline by no less than 73.23%.
Other celebrities who have promoted Solana-based meme tokens include 50 Cent, Caitlyn Jenner, Iggy Azalea, and soccer star Ronaldinho Gaúcho.
UFC contender Khamzat Chimaev-linked Smash (SMASH) token faced insider allegations after it was revealed that up to 78% of the token’s supply was acquired by team and developer-related wallets, as reported by Cointelegraph in July 2024.
Three days after the token launch, Chimaev’s manager, Majdi Shammas, claimed that the martial artist “wasn’t involved” with the SMASH memecoin and “[knows] just as little as you do,” asserting that he promoted the coin without the fighter’s consent.
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