Andrew Tate Cashes In: $16K Profit From Shorting Kanye West’s YZY Coin Sparks Debate
Controversy meets crypto as Andrew Tate pockets $16K betting against Kanye's token.
Market Manipulation or Savvy Play?
Tate's short position on YZY Coin netted a cool $16,000 profit—proving once again that in crypto, the real money isn't in believing the hype, but in betting against it. While influencers pump, sharks short. YZY's volatility provided perfect conditions for a well-timed trade, though critics argue such moves exploit retail investors chasing celebrity endorsements.
Celebrity tokens keep making headlines—and bagholders. Tate's play highlights the cynical truth: in today's market, it's easier to profit from failure than from success.
Concentrated Holdings Fuel Sharp Rise And Faster Collapse
YZY itself has mirrored the hype-fueled rise and spectacular falls that often define celebrity-linked tokens. The coin soared to a $3b market capitalization within 40 minutes of launch this week, propelled by Ye’s star power and broader speculative frenzy.
That momentum quickly evaporated, with the token plunging almost 23% in the past 24 hours alone to $0.7743, according to CoinGecko. Its market cap now sits NEAR $100.3m.
Behind the price swings lies a concentration of power. Blockchain data shows that over 94% of supply was in the hands of insiders at launch. A single multisig wallet controlled 87% before retail investors could meaningfully participate.
Those insiders appear to have booked huge gains. One wallet, labeled “6MNWV8,” spent 450,611 USDC to buy 1.29m tokens at $0.35 each, later selling most for 1.39m USDC and retaining holdings still worth $600,000.
Another whale put in 12,170 SOL, valued at $2.28m, for 2.67m tokens and continues to hold an unrealized gain of about $6m.
Hype-Driven Ventures Keep Tate In The Spotlight Despite Losses
Tate’s role as a trader has often drawn attention, not least because of his own ventures in memecoins. His Daddy Tate ($DADDY) token launched on Solana, reaching a $124.57m market cap by July 2024 before collapsing to $17.79m a year later. On-chain records later showed 11 wallets bought up 20% of the supply just before Tate began promoting it.
He has also linked his name to Andrew Tate’s Dog ($G), another short-lived attempt to capitalize on the meme token trend. Critics argue these projects lean more on celebrity HYPE than sustainable communities or technology.
Even his leveraged bets have carried controversy. Tate once claimed a 138.5% profit on a 25x long position in Ethereum, but blockchain analysis later revealed steep net losses.
