The famous rapper Kanye West has officially entered the world of cryptocurrency with the launch of the memecoin “YZY” on the Solana blockchain. According to data from GMGN, this token quickly reached a market capitalization of over 3 billion USD shortly after its release.

One notable point is the concentration of supply: the six largest wallet addresses hold up to 90.38% of the total tokens, raising concerns about concentration risk and price manipulation potential. However, the appeal of Kanye West’s name has helped YZY quickly become the center of attention in the crypto community.

Not stopping at just being a memecoin, the project has also expanded its ecosystem with payment products. The official website introduces YE Pay – a cryptocurrency payment processing platform, and YZY Card – a debit card tool that supports users in spending directly.

According to data from lp4fun, an address believed to belong to the development team 5wbbjk…Z6wMcp has added 30 million YZY to unilateral liquidity in the YZY-USDC Meteora pool at a price range of 3.171607 USD – 4.492907 USD, forming the largest resistance zone for YZY.

Currently, the fully diluted market capitalization (FDV) of YZY has decreased from a peak of 3.2 billion USD to about 2 billion USD.