Launch and Initial Hype
Kanye West (now Ye) has entered the crypto scene with a splash. The rapper dropped a new meme coin called YZY on the Solana blockchain, positioning it as part of a broader YZY Money ecosystem. This includes Ye Pay, a payment processor, and the YZY Card, a crypto spending solution.
Market Surge and Backlash
Within just 40 minutes of launch, YZY’s market capitalization skyrocketed to $3 billion, only to fall back to around $1 billion shortly thereafter.
Controversy Over Insider Control
Analysts flagged concerns: on-chain activity suggests insider wallets control over 90% of the YZY supply, raising red flags over fairness and the token’s long-term viability.
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