Andrew Tate has pocketed a $16,000 profit after betting against Kanye West’s meme token YZY, even as the controversial cryptocurrency continues to unravel.
The former kickboxer and self-styled entrepreneur opened a three-times leveraged short on YZY at $0.8524, according to blockchain analytics firm Lookonchain. With the token now trading near $0.77, his position remains in the green.
But while the trade looks like a win, Tate’s broader track record in crypto markets is far less flattering. On Hyperliquid, a decentralized perpetuals exchange, he has made 80 trades to date.
Only 29 were profitable, giving him a win rate of just 36.25% and total losses of around $699,000, Lookonchain data shows.
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.
The post Controversial Influencer Andrew Tate Scores $16K Profit From Shorting Kanye West’s YZY Coin appeared first on Cryptonews.
