American rapper Kanye West, known as Ye, announced the launch of his own meme coin YZY on the Solana blockchain. Within minutes after the announcement, the token's market capitalization soared to $3 billion, and the price reached $2.99. However, euphoria quickly turned into disappointment: the token crashed to $1, losing most of its value.
According to Lookonchain, the crash is linked to suspicions of insider trading. Analysts found that 94% of the token supply was controlled by insiders, and the liquidity pool consisted only of YZY without stablecoins, allowing developers to manipulate the market. One investor lost $710,000 buying a fake token, although he later recovered the losses.
Rumors about YZY emerged back in February 2025 when West announced plans to create a currency for the Yeezy brand. Despite the rapper's initial skepticism about cryptocurrencies, the success of the TRUMP meme coin likely inspired him. The launch was met with criticism: some suspected that West's account had been hacked, and the project was called a scam.
YZY became yet another example of the volatility of meme coins driven by star hype. Stay tuned for updates on #MiningUpdates
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