Controversial social media influencer Andrew Tate has made headlines once again, this time for pocketing a $16,000 profit after betting against Kanye West’s meme token YZY. Despite the token’s unraveling, Tate’s short position on YZY has proven to be a successful trade.
According to blockchain analytics firm Lookonchain, Tate opened a three-times leveraged short on YZY at $0.8524. With the token currently trading near $0.77, Tate’s position remains profitable. However, Tate’s overall track record in the crypto markets leaves much to be desired. On Hyperliquid, a decentralized perpetuals exchange, Tate has made a total of 80 trades. Of those trades, only 29 were profitable, giving him a win rate of just 36.25%. His total losses amount to approximately $699,000.
YZY itself has experienced a rollercoaster ride of price swings, reflecting the hype-driven nature of celebrity-linked tokens. After soaring to a $3 billion market capitalization within 40 minutes of launch, the token has since plummeted by almost 23% in the past 24 hours alone, now trading at $0.7743 with a market cap of around $100.3 million.
Behind these price fluctuations lies a concentration of power, with over 94% of the token’s initial supply held by insiders at launch. A single multisig wallet controlled 87% of the supply before retail investors could participate meaningfully. These insiders have reportedly reaped significant gains, with one wallet spending 450,611 USDC to acquire 1.29 million tokens at $0.35 each, later selling most for 1.39 million USDC and retaining holdings worth $600,000.
Despite his losses in the crypto markets, Tate’s ventures in memecoins have kept him in the spotlight. His Daddy Tate ($DADDY) token, launched on Solana, reached a market cap of $124.57 million before plummeting to $17.79 million a year later. Similarly, Andrew Tate’s Dog ($G) was another short-lived attempt to capitalize on the meme token trend. Critics argue that these projects rely more on celebrity hype than sustainable communities or technology.
Even Tate’s leveraged bets have been met with controversy. While he once claimed a 138.5% profit on a 25x long position in Ethereum, blockchain analysis later revealed significant net losses.
In conclusion, Andrew Tate’s recent success in shorting Kanye West’s YZY coin may have garnered attention, but his overall track record in the crypto markets raises questions about his trading strategies and financial decisions. Despite the ups and downs, Tate’s presence in the world of memecoins and leveraged trading continues to attract both supporters and skeptics alike.