Kanye West’s YZY Meme Coin Soars to $3B, Yet Insider Worries Dim the Outlook
Yeezy currency is now a reality. It’s genuine. Referred to as the “YZY Meme token,” Kanye West, who now goes by Ye, introduced his YZY crypto token on Solana, creating an immediate uproar.
Within a mere 40 minutes of its launch, the coin’s crypto market capitalization soared to $3 billion, then fell back to $1.05 billion, according to data from Nansen.
There’s only one other celebrity associated with such an MCAP in the digital currency realm, and that’s TRUMP. Despite Ye’s massive influence, many are beginning to think there’s little opportunity for profit here.
On X, Ye touted the crypto token as part of “Yeezy Money,” which he characterized as:
“A NEW ECONOMY, BUILT ON CHAIN,” Ye stated.
“The official YZY crypto token has just launched,” he subsequently remarked.
And thus begins a new promotion campaign… so is YZY a credible opportunity or merely a scam?
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YZY Meme Coin: Insider Trading Allegations
Amidst the excitement, on-chain analysts promptly raised concerns. Coinbase director Conor Grogan indicated that 94% of the circulating supply was in the hands of insiders, with one crypto wallet initially dominating 87% prior to distribution. Lookonchain noted that liquidity was organized in a fashion that granted developers disproportionate control over sales.
Conor Grogan: “At minimum, 94% of the token supply was held by insiders.”
Some insiders profited immensely. One trader incurred $24,000 in Solana priority fees to realize a profit of $3.4 million, whereas another gained $6 million at the peak. Not everyone was as fortunate—one individual lost $710,000 after mistakenly purchasing the incorrect contract before recovering on the right one.
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Does This Feel Like End-of-Bullrun?
Notable traders weren’t timid. Leveraged trader James Wynn mentioned he invested in YZY, likening it to Trump’s $TRUMP memecoin:
“Bought into $YZY during a 60% dip. $TRUMP surged from $4bn to $15bn in 28 hours. 4x,” Wynn remarked.
BitMEX co-founder Arthur Hayes also seemed to be involved, highlighting the buyer interest for celebrity tokens in spite of associated risks.
Is It Only Downhill From Here? BTC Returning to 105k
After Trump introduced his meme token in January, BTC plummeted significantly. Could a similar outcome happen here?
YZY’s initial entry made it one of the top five fastest tokens to reach a $1B crypto market cap this year, only to plummet just as swiftly, reflecting that traders are currently intoxicated by speculation. YZY might be the early warning sign.
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Key Insights
- Yeezy currency has arrived. It’s genuine. Also known as the “YZY Meme token,” Kanye West, now referred to as Ye, initiated his YZY crypto token on Solana.
- YZY’s launch rapidly secured a position among the top five fastest tokens to achieve a $1B trading market cap this year, only to decline just as abruptly
The article Kanye West’s YZY Meme Crypto token Soars to $3B, Yet Insider Issues Cast Doubt first appeared on 99Bitcoins.
