Whale Trader Naseem Snipes YZY After $100M TRUMP Gains, Nets $800K
Crypto trader Naseem, who previously profited from the TRUMP token, has made an $800,000 gain by "sniping" the YZY meme coin launch.
Quick Take
Summary is AI generated, newsroom reviewed.
Crypto trader Naseem, known for his gains on the TRUMP token, was the first buyer of the YZY meme coin, acquiring it for $250,000.
He quickly realized an $800,000 profit from the trade, and still holds YZY worth approximately $600,000.
The article highlights the highly concentrated ownership of YZY, with the top four wallets controlling over 95% of the supply.
The incident underscores the risks of insider trading and "sniping" strategies in the meme coin market.
On-chain analysis has revealed that prominent crypto trader Naseem was the first buyer of the recently launched YZY token. Naseem, known for generating over $100 million in profits from the TRUMP token, reportedly purchased YZY for $250,000 on August 21. Bubblemaps’ data indicates that this address, AwY1V, is closely linked to multiple wallets previously used by Naseem in successful project snipes, including TRUMP and LIBRA.
The YZY token, launched by rapper Kanye West on the Solana blockchain. It initially reached a market capitalization of $2.04 billion. However, its value has since dropped to around $1.4 billion. Despite the volatility, early buyers like Naseem capitalized on the launch to generate substantial profits.
Profits and Holdings
After acquiring YZY for $250,000, Naseem sold part of the holding, realizing $800,000 in profits. The trader still retains YZY worth approximately $600,000. That suggests continued confidence in the token’s potential. On-chain data shows that the top four addresses now control 95.17% of the YZY supply, highlighting significant concentration among early investors and insiders.
Other notable early buyers have also seen sizable unrealized profits. For instance, the fifth-largest holder spent $2.2 million to acquire 2.7 million YZY at an average price of $0.82616, currently holding over $1.3 million in floating gains. Multiple wallets were prepared in advance to capitalize on the token launch, echoing strategies used in past high-profile releases.
Market Dynamics and Insider Activity
The YZY launch has drawn scrutiny due to its highly concentrated ownership and rapid price swings. Insider participation is evident, with several addresses linked to known traders who executed pre-planned purchases. Analysts say these trading patterns point to advanced sniping strategies and possible early access to contract details.
The YZY launch highlights both the potential rewards and risks of meme coins. High-profile traders can secure substantial gains. But smaller investors may encounter sharp price swings and concentrated ownership. Despite the initial excitement and a peak market value above $2 billion. The token’s long-term prospects will rely on broader adoption and active participation from everyday traders, not just the early whales.
Looking Ahead
As YZY continues to circulate in the market, attention will remain on insider movements and price stability. Traders and analysts alike are monitoring these wallets closely. They are seeking insights into potential future trends. Early gains, like those achieved by Naseem, highlight the potential for strategic trading but also the importance of caution for wider market participants. YZY’s trajectory will likely influence how celebrity-backed and meme coins are launched. It traded in the coming months, reinforcing the intersection of pop culture and decentralized finance.
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