Kanye West’s YZY price token surged and then plunged as many insiders dumped it, pocketing millions. YZY was trading at $0.8483 at press time, bringing its market cap and fully diluted valuation (FDV) to $111.6 million and $858 million.
YZY Price Plunges as Profit Leaders Dump
CoinGecko data shows that the YYZY price peaked at $2.95 and then plunged to $0.8467. This plunge mirrored what other celebrity tokens perform shortly after launch.
A good example of this is what happened when Donald Trump and Melania Trump launched their tokens. These tokens initially surged and then plummeted, never recovering.
One reason for this is that insiders dump these tokens immediately they start trading. The chart below shows that the profit leaders made millions of dollars, and the final column shows that they no longer hold any of the YZY tokens.
YZY insiders have dumped their tokens
The most likely scenario is where the YZY token price will have a dead-cat bounce (DCB). A DCB is a situation where a tumbling asset stages a brief rally and then resumes the downtrend.
Why Bitcoin Penguins is Better
Bitcoin Penguins, a new and fast-growing token, currently in its presale, is firing on all cylinders. It has raised over $4.2 million in the last three weeks, a trend that will accelerate towards the exchange listing in the next few days.
Bitcoin Penguins price will likely not crash as YZY did on Thursday because of its tokenomics. Data shows that its insiders have been allocated just 3% of the tokens. A 3% allocation is not enough to move the price.
The other reason why BPENGU is better than YZY is that history has shown that celebrity tokens on Solana don’t do well over time. In addition to Trump and Melania, other top tokens like Andrew Tate’s DADDY and Iggy Azalea’s MOTHER have all plunged after their initial excitement.
In contrast, the two coins that Bitcoin Penguins is modelled after are thriving. Bitcoin is the biggest store of value in crypto and has surged from near zero in 2009 to $113,000 today.
Pudgy Penguins, on the other hand, has introduced the new theme of penguins in the crypto industry. As a result, it has jumped by over 500% in the past few months.
BPENGU is also expected to generate returns to anyone who buys during the presale since its price increases by 5% every two days. The current price is $0.0018, a figure that will grow significantly towards its listing.
Most importantly, the creators have created strategies to boost its price to at least $2 by December this year, which would represent a surge of over 100,000% from the current level. Hurry up and buy BPEP here.
READ MORE: Opinion: The Case for a Spot BlackRock XRP ETF
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