On August 21, American rapper with a questionable reputation Kanye West announced the release of his own memecoin YZY MONEY (YZY) on the Solana (SOL) network.
On the cryptocurrency's website, the name of which translates from English as "Easy Money", it is stated that the digital asset is not subject to control by any central authority and represents a people's currency that can be used as a means of payment.
However, this concept is undermined by the information published on the same portal, according to which 70% of YZY tokens are owned by investors in the company Yeezy Investments, which created the cryptocurrency. 10% of the coins are held in a liquidity support fund, and only 20% are circulating freely. Thus, YZY MONEY is heavily centralized, and the price of the digital asset can be easily manipulated.
Moreover, judging by the dynamics of the price change of YZY, so far the token has only brought easy money to West himself. At the start of trading at 05:25 Moscow time, the price of YZY reached $2.8, and by 08:45 its value decreased to $1.04. Accordingly, the coins fell by 62% in just a few hours, and people who dared to buy them at the start suffered huge losses.
The fall in the price of YZY MONEY
It is also noteworthy that at the peak of the price, the capitalization level of YZY exceeded $3 billion, while now the value of the issued memecoins is estimated at only $1.04 billion. Given the fiasco that the cryptocurrency experienced at the beginning of its journey, it becomes clear that it will be difficult for it to get out of the hole.