Meteora conquers $ 16 million a day thanks to the Meme Coin Frenzy from Kanye West

This year’s Yzy token of Kanye West has created one of the most spoken moments on the cryptomarkt.

The wrinkle effects have been most visible in the ecosystem of Solana, the ecosystem of the Exchange (DEX).

Meteora in the spotlight

According to Defillama data, Ysy’s launch has injected so much liquidity and speculative frenzy in Solana that Meteora, a rising Dex, included No less than $ 1,182 billion in trade volume on August 21. As a result, Meteora managed to catch up with the old leader Raydium as the most active Solana-based exchange.

This milestone was not just about volume; Meteora also achieved $ 16.05 million in reimbursements in the same period, the second only to bind in terms of generating reimbursements in the crypto industry

The peak of Meteora showed how a token driven by celebrities can act as a short-term catalyst for trading platforms by stimulating both activity and income in ways that even reach important Defi-protocols. Nevertheless, the Yzy Mania emphasizes deeper problems about celebrities, insider activity and vulnerability of the retail trade that plague the crypto industry.

Santiment put the mood well as it unveiled How yzy -token rose to a market capitalization of $ 3 billion almost at night, but to crash more than 60% in the midst of rumors about insider dumping. The hype was unmistakable: the first trip from West in Crypto was against his own public attitude earlier this year when he rejected Launching a meme coin by name them a way to “hunt fans with hype”.

His reversal nourished the frenzy when he attracted both fans and opportunistic traders, but the aftermath let Latecomers nursed heavy losses.

Yzy rigged?

Analysis of the chain by Disruitzaal degraded the controversy and exposed how certain portfolios managed to gain large allocations from Ysy at just $ 0.20, while most traders entered at a higher price.

Such a wallet bypassed a $ 250,000 purchase in just eight minutes in almost $ 1 million profit before the money was moved to a Treasury wallet. This wallet was later bound by suspected comparable profitable strategies that were used during the launch of the Libra Safe, which increased suspicions of Insider coordination.

In total, these portfolios have extracted nearly $ 23 million in Yzy and Libra by operating the benefits of early access.