Kanye West's YZY Token: First Buyer Insights

On Wednesday night, Kanye West, also known as Ye, launched the YZY token on the Solana blockchain, appealing to experienced memecoin traders. According to Bubblemaps, a blockchain analysis firm, the first buyer, a seasoned trader identified as 'Naseem,' invested $250,000 in USDC to acquire nearly $1.2 million worth of YZY tokens. Naseem is recognized for previously transforming a $1 million investment in the official TRUMP memecoin into a staggering $100 million profit. Bubblemaps noted that he is an 'expert sniper with a proven track record.' After making the initial purchase, Naseem executed two sales totaling around $535,000 and manipulated liquidity within a Meteora pool several times, ultimately receiving approximately $1.02 million in USDC stablecoins, as indicated by blockchain data. Remarkably, Naseem managed the first acquisition despite the YZY Money platform implementing an 'anti-sniping system.' The website disclosed that 25 contract addresses for YZY were deployed randomly, giving traders a mere 1 in 25 chance of selecting the correct address to counteract snipers. Additionally, to deter sniping, the YZY team allegedly created up to 50 replica wallets, leading to minimal transaction activities from potential snipers. This token launch marked a U-turn from Ye's earlier comments in February, when he stated that such coins 'PREY ON THE FANS WITH HYPE,' sparking confusion about the token's authenticity. Ye promoted the YZY token's release with a brief video shared on X. At the time of publication, The Block was unable to reach out to either the YZY Money team or Naseem for comments. Disclaimer: The Block is an independent media outlet focused on delivering news and data. As of November 2023, Foresight Ventures has a majority investment in The Block.