Andrew Tate is back in the memecoin craze but this time it's not working out, as his wallet recorded a loss of nearly $700,000 on Hyperliquid.
The controversial former kickboxing champion and influencer is one of the latest celebrities to jump into the YZY Token , the coin launched by Kanye West. However, his bets quickly turned negative.
A wallet address associated with Tate opened a 3x leveraged Short position on YZY at $0.85 and immediately suffered a loss of around $16,000.
According to blockchain analytics platform Lookonchain posted on X (Twitter) on Friday:
“Tate doesn’t seem to be good at Derivative trading, as his total losses on this Hyperliquid account are close to $700,000. He has made 80 trades on #Hyperliquid so far – only 29 of which were profitable (36.25% win rate) – for a total loss of $699,000.”
The YZY Token was launched on Solana on Thursday by Kanye West. In the first hour, it surged 1,400% in market Capital , before crashing more than 74% . The top 13 wallets took a combined $24.5 million in profits from the Dump .
The growing interest of celebrities in crypto has seen many influencers also lose money, proving that not all celebrity investment advice or endorsements are trustworthy.
The latest loss comes more than a year after Tate was accused of insider trading related to his own memecoin, Daddy Tate (DADDY) . At the time, insiders reportedly scooped up as much as 30% of the Token ’s supply at launch, before Tate began promoting it on X.
Most memecoins with Andrew Tate's name are down 99%
Tate joined the wave of celebrities promoting memecoins on Solana on June 7, 2024, endorsing more than 10 Token that had no intrinsic value.
Most of these Token quickly lost 99% of their value shortly after Tate’s promotion. Bubblemaps warned in an October 2024 post that many Token had as much as 30% of their supply in the hands of insiders.
These Token include: Roost (ROOST), Germany Token (GER), Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT), and Daddy Tate (DADDY).
Overall, the more than 30 celebrity-backed Token issued on Solana in June 2024 all lost at least 73.23% in value.
In addition to Tate, many other stars have also joined in promoting the memecoin on Solana, including 50 Cent, Caitlyn Jenner, Iggy Azalea, and soccer legend Ronaldinho Gaúcho .
The Smash (SMASH) Token associated with UFC fighter Khamzat Chimaev was also accused of insider trading after it was discovered that 78% of the supply was held by the team and wallets associated with the developer, Cointelegraph reported in July 2024.
Three days after the Token 's launch, Chimaev's manager, Majdi Shammas , claimed that the fighter had “nothing to do” with the SMASH memecoin and “knew it as well as you do,” implying that the Token was promoted without Chimaev's direct involvement.
According to Cointelegraph
