Rapper Kanye West, now legally known as Ye, has officially stepped into crypto.\u00a0On Wednesday, the business mogul launched YZY, a Solana-based meme coin that briefly touched a $3 billion market cap within hours of its debut before rapidly shedding value.<\/p>\n
The launch, billed by Ye himself as the start of \u201ca new economy, built on chain,\u201d comes just months after he publicly dismissed rumors of creating a token.<\/p>\n
The token\u2019s rollout has already stirred some controversy, with journalist Colin Wu sharing<\/a> data from the GMGN trading platform, which allegedly shows that 90% of its supply is in the hands of just six wallets, raising concerns about heavy concentration and insider activity.<\/p>\n Blockchain trackers also flagged<\/a> suspicious liquidity pool setups reminiscent of the Libra coin rug pull from earlier in the year, where developers retained<\/a> disproportionate control of liquidity. Additionally, Lookonchain reported that one insider flipped<\/a> $450,000 worth of USDC into $3.37 million in just hours, highlighting how early entrants capitalized on privileged access.<\/p>\n However, even with the skepticism, Kanye\u2019s star power shone, with YZY quickly listed on CoinMarketCap while also securing exchange listings, including Bitget.<\/p>\n Furthermore, the official site introduced not only the token but also Ye Pay, a crypto payment processor, and YZY Card, a debit solution aimed at everyday spending in YZY and USDC. It also indicated\u00a0that the supply breakdown allocated 70% to Yeezy Investments LLC, 20% to public buyers, and 10% to liquidity, with vesting handled by Jupiter Lock contracts.<\/p>\n Nonetheless, community sentiment on the meme coin is split. Pseudonymous crypto trader Defi Mochi warned<\/a> that YZY\u2019s fully diluted valuation between $2 and $3 billion was \u201cbad risk-reward\u201d given the fate of other meme tokens, while also pointing to suspicious timing tied to unfrozen Libra funds. Meanwhile, CryptoQuant CEO Ki Young Ju drew<\/a> comparisons to the Official Trump token, which spiked<\/a> after launch but later collapsed by 88%, suggesting YZY may face a similar trajectory.<\/p>\n Data from CoinMarketCap shows YZY hit an all-time high of $3.16 within hours of its introduction before tumbling more than 66% to just under $1.00, briefly marking its all-time low at $0.91 the same day.<\/p>\n In the last 24 hours, the meme asset has dropped over 54%, with hourly swings as sharp as 31%. At the time of this writing, its market cap had nosedived from its previous multi-billion-dollar peak to sit at around $349 million according to CMC.<\/p>\n Traders have been both long and shorting the token aggressively. Spot On Chain reported one trader on Hyperliquid managed a $202,000 gain by shorting the token with leverage, while another repeatedly attempted long positions, racking<\/a> up more than $159,000 in losses.<\/p>\n The post Kanye West Launches YZY Meme Coin on Solana, Hits $3B Before Crash<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Rapper Kanye West, now legally known as Ye, has officially stepped into crypto.\u00a0On Wednesday, the business mogul launched YZY, a Solana-based meme coin that briefly touched a $3 billion market cap within hours of its debut before rapidly shedding value. The launch, billed by Ye himself as the start of \u201ca new economy, built on […]<\/p>\n","protected":false},"author":0,"featured_media":90112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-90111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/90111"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=90111"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/90111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/90112"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=90111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=90111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=90111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Price Action and Market Outlook<\/h2>\n