Written by: Umbrella, Deep Tide TechFlow
This morning, a tweet released by Kanye West caused a stir in the crypto market.
The legendary singer Kanye, who has claimed multiple times that he would issue Meme coins, has finally announced the contract address for the YZY token on Twitter.
This news rapidly fermented in the market, with the number of token holding addresses surging to 28,200 in just forty minutes.
Perhaps to dispel public concerns about 'account hacking', Kanye subsequently released a 'verification video' to prove that this is indeed his issued Meme coin, although its status seems somewhat 'ambiguous'.
Along with the YZY token, the YZY Money official website was also launched. According to the website, YZY Money aims to combat centralized power. The site also showcases two projects based on the YZY ecosystem: YZY Pay and YZY Card, which correspond to the currently popular crypto payment and cryptocurrency debit card sectors.
According to the introduction, YZY Pay is a cryptocurrency payment processor that allows merchants to integrate YZY Pay into their websites or apps, providing consumers with a simple and fast payment experience while enjoying lower fees compared to traditional payment channels. YZY Card is a cryptocurrency debit card that supports YZY, USDT, and USDC top-ups, allowing users to directly use the cryptocurrency in their cards for payment without intermediaries.
Currently, the YZY payment option has also been launched on the official website of Kanye's brand Yeezy.
After Kanye's tweet was released, the price of the YZY token surged to $3.43 and then dropped to $1.80 within half an hour.
According to HTX market information, the explosive popularity of the YZY token has caused a liquidity 'drain' on mainstream cryptocurrencies, leading to a temporary decline in mainstream tokens.
This time, Kanye's YZY is hard not to evoke thoughts of the Trump Meme coin from earlier this year—both are 'celebrity tokens', both were clarified and confirmed by the individuals themselves after facing doubts, and both had a draining effect on mainstream cryptocurrencies. Interestingly, both have participated in the US presidential elections.
However, compared to the rapid market FOMO and support for Trump, YZY has faced continuous exposure of insider trading, wash trading, and a series of negative information after its launch.
According to information on the YZY Money official website, to prevent 'sniping', the team deployed 25 YZY contract addresses and randomly selected one as the final announced verification address, reducing the probability of selecting the correct CA in advance to 4%.
The market does not accept the YZY team's defensive measures against sniping, mocking them as clowns.
On the other hand, Coinbase executive Conor Grogan posted on social media, stating: 'I estimate that at least 94% of YZY tokens are held by insiders; 87% of tokens are held by a single multi-signature wallet (now dispersed to multiple wallets); over 3% of tokens were purchased at market opening by multiple (pre-prepared) wallets through large single transactions; over 7% of tokens are in liquidity pools.'
According to on-chain buying records, the insider wallet 6MNWV8 even attempted to make a purchase yesterday, and today, when Kanye announced, it bought 1.29 million YZY tokens at $0.35 and liquidated about 80% of its holdings at $1.39, profit exceeding $1.5 million.
Additionally, two insider wallets purchased 1.89 million YZY at $0.24 each and then sold 84% of their holdings at $2.12, making a profit of $1.47 million.
A series of messages seem to point to a common result—this token issuance is a collaboration between the crypto team and Kanye to leverage Kanye's fame and influence for profit.
Crypto KOL scooter also expressed that he believes Hayden Davis, the issuer of the 'Argentinian President Coin' Libra, which once harvested countless crypto investors, is also involved in this YZY token issuance, with both models being highly similar.
Coincidentally, five hours before Kanye announced the YZY release, a US judge announced the release of $57.6 million frozen due to the Libra token, one of which was controlled by Hayden Davis.
Outside the crypto circle, Kanye West has attracted a large number of fans with his outstanding musical works and occasional 'performance art'. He has always left fans with an impression of 'non-compromise and rebellion'.
Dramatically, after the explosive popularity of the Trump token earlier this year, marking the 'celebrity token season', Kanye claimed that a token issuance team contacted him with an offer of $2 million to issue a Meme coin, but he rejected the proposal and stated he would not issue coins to deceive fans.
Just less than half a month after this news, Kanye stated that he is about to issue the YZY token, which has led to strong dissatisfaction in the market.
As of now, the price of the YZY token has fallen below $1.1, with countless crypto investors chasing the trend being trapped and passively becoming Kanye's 'fans'. Polymarket has also opened a betting area for the YZY token, while the market's FOMO sentiment has gradually turned into insults and mockery towards Kanye.
As of now, based on the information that has emerged and market discussions, Kanye, who has often stood at the center of public opinion in the entertainment industry, is once again in the spotlight of crypto discourse.