Everyone listen up, Kanye's YZY coin has made a big splash — a disaster. This has sparked hot discussions, with some people rushing in and others voicing their complaints.

Today, Kanye West announced on Twitter the launch of the Meme coin YZY, which instantly caused a sensation. Some believe it is a chance to participate, while others worry that there will be significant losses again.

The reality is indeed surreal. Within 40 minutes of the YZY coin's release, 28,000 addresses bought in, and the price once rose to $3.43. But half an hour later, it was halved to $1.80, a drop of nearly 65% from the peak, with the market cap shrinking to around $1 billion.

What’s more concerning is that a Coinbase executive pointed out that at least 94% of YZY is held by insiders. Multiple wallets had already positioned themselves before the announcement, and some attempted to trade a day in advance. Insider wallets made over $1.5 million in profit within just a few hours, and the team earned $9.16 million from transaction gas fees.

In addition, the operational model of YZY is highly similar to the “ZT coin” LIBRA, which has previously scammed many people, suggesting it might be the same group behind it.

Ironically, in February this year, Kanye stated, "I will never launch a coin to deceive fans," but now his actions are being criticized as a swift slap in the face. BitMEX founder Arthur Hayes also regrets trading, calling YZY a "garbage coin."

From the background, Kanye's launch of the YZY coin may be to bypass traditional platform restrictions and build an independent payment route. According to reports, YZY can be used as a payment method on the Yeezy brand website, where holders can purchase products. However, this launch has sparked much controversy, highlighting the issues that come with celebrity-backed Meme coins...