In a developing story, controversial influencer and former kickboxing champion Andrew Tate has suffered significant financial loss after shorting Kanye’s YZY memecoin.
Accordingly, Tate has reportedly experienced losses nearing $700,000 on the Hyperliquid trading platform. He is the latest to suffer losses among thousands of retail investors.
Tate, known for his polarizing online presence, entered a 3x leveraged short position on the Solana-based YZY token at $0.85.
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This move has already cost him $16,000 on this trade alone.
Lookonchain reported that Tate’s trading performance on Hyperliquid has been lackluster, with only 29 of his 80 trades yielding profits.
His cumulative losses on the platform now stand at $699,000.
In June Andrew Tate was exposed after on-chain data exposed nearly $600,000 in trading losses.
Kanye’s YZY memecoin was launched on Solana last week. The token initially saw an explosive 1,400% surge within its first hour of trading.
Then, it plummeted over 74% in value.
Top 13 wallets holding YZY profited $24.5 million by offloading their holdings during the initial spike, exposing the volatile nature of celebrity-backed memecoins.
Celebrity Memecoin Frenzy like Kanye’s YZY Memecoin
Tate’s foray into Kanye’s YZY memecoin is part of a broader wave of celebrity-endorsed memecoins on Solana.
Tate’s previous involvement in the Daddy Tate (DADDY) token sparked insider trading allegations in 2024. It was reported that insiders secured 30% of the token’s supply before Tate promoted it on X.
Since June 2024, over 30 such tokens have been launched, with many losing up to 99% of their value shortly after debut.
Tokens like Roost (ROOST), Germany Token (GER), Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT), and Daddy Tate (DADDY) have been linked to Tate,
Meanwhile, there has been a rapid rise and fall of celebrity memecoins in the cryptocurrency market.
Other high-profile figures, including 50 Cent, Caitlyn Jenner, Iggy Azalea, and soccer icon Ronaldinho Gaúcho, have also promoted Solana based tokens.
Most of them have experienced price drops of at least 73.23% since June 2024.
