Hello everyone, this is Zhou Zhou!
#KANYEWEST Once again standing at the center of controversy, but this time not in the music industry, but in the crypto world. Kanye, who once repeatedly said he 'would not issue coins to deceive fans', has today slapped himself in the face.#名人MEME热潮
In the morning, he directly announced the #YZY token contract address on Twitter.
As soon as the news broke, the market went crazy, with the number of YZY holding addresses skyrocketing to 28,200 in just forty minutes, and the price instantly surged to $3.43. But the good times didn’t last long, as it fell back to $1.80 within half an hour.
Has Kanye really entered the game?
To avoid suspicion that his account was hacked, Kanye subsequently released a 'verification video'. Although he seemed a bit disoriented, it confirmed that YZY is indeed the Meme coin he issued.
Meanwhile, the YZY Money official website also went live, claiming to 'fight against centralization'.
The official website showcases two ecological applications:
YZY Pay: A crypto payment processor that merchants can integrate into their websites or apps with lower fees.
YZY Card: A crypto debit card that supports YZY, USDT, and USDC, allowing direct crypto spending.
Even Kanye's own Yeezy official website has already launched the YZY payment option, looking quite formal.
The feeling of being a celebrity coin.
This scene is strikingly similar to the Trump Meme coin at the beginning of the year: celebrity effect, personal endorsement, market frenzy, while mainstream coins were 'bloodsucked' by funds.
However, the difference is that Trump coin once gained massive FOMO, while YZY, just launched, was exposed for insider trading and wash trading.
According to the YZY Money official website, to prevent 'sniping', the team has set up 25 contract addresses and randomly selected one as the final authentication address, reducing the probability of guessing the correct address in advance to 4%.
However, the market is not buying it, mocking this approach as 'clowning'.
Insider players are harvesting wildly.
On-chain data shows that the distribution of YZY is extremely unhealthy. At least 94% of the tokens are held by insiders, with one multi-signature wallet having once dominated 87%.
Some insider wallets even ambushed in advance: for example, 6MNWV8 had already bought 1.29 million YZY at a low price before the announcement, and cleared 80% of its position at $1.39, directly earning $1.5 million. Several other wallets also bought in early and then sold at a high point, easily making millions in profit.
This is hardly a community project; it's a meticulously designed harvesting scheme.
Is the mastermind behind the scenes surfacing?
Some KOLs revealed that Hayden Davis, who once issued the 'Argentinian President Coin' Libra, also participated in this YZY.
Coincidentally, just five hours before Kanye announced the coin, a U.S. judge had just unblocked $57.6 million related to Libra, and one of the wallets was controlled by Hayden Davis.
This drama seems not to be just Kanye's idea.
Kanye slapping himself in the face, from FOMO to criticism.
Ironically, just half a month ago, Kanye publicly refused a $2 million offer from the team to ask him to issue a coin, emphasizing that he would not deceive fans.
I didn’t expect YZY to be put on the table in the blink of an eye. The coin price has now dropped below $1.10, and countless investors chasing the trend are stuck, becoming 'Kanye’s die-hard fans'.
At first, market sentiment was filled with FOMO, and even Polymarket opened betting on YZY. But with the exposure of insider information, the market quickly turned, and accusations and mockery towards Kanye were nonstop.
Kanye has repeatedly stood at the forefront of the entertainment industry with his music and personality; now he has stirred up a storm in the crypto circle. The difference is that this time, more people are not spectators but passive victims.
The crypto circle changes quickly, with opportunities and risks coexisting. Learning to enter and exit strategically, protecting capital, is essential for steady progress and wealth growth. ✍️ Remember to DYOR, manage risk well, and wish everyone a successful voyage in the crypto world! 🌊
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