The launch of Kanye West's memecoin "YZY," based on Solana, quickly caused a sensation after reaching a market value of 3 billion dollars in just a few hours. The surge was brief, with prices retreating from 3 to 1 dollar, raising doubts about its setup, especially with most of the supply locked in six wallets.
Still, the uproar was inevitable. Along with the token, YE Pay and YZY Card were also launched, indicating that the project was more than just a passing joke.
For the price of Solana, this increase in attention represented an unexpected boost. The surge in activity highlighted Solana's ability to handle heavy traffic economically and quickly. This context has contributed to strengthening its image as a sustainable network.
Moreover, it also gave the chain free publicity on social media and headlines. This often translates into higher demand for Solana. Even if YZY fades over time, the uproar reminded the markets of Solana's growing role in the cryptocurrency sector.
Celebrity-backed projects may not last long, but they generate a positive impact that benefits the ecosystem as a whole. For Solana, that impact could be enough to attract new users and new liquidity.
In short, the price of Solana maintains a positive trend, as it trades above significant levels for its next growth phase. The excitement for YZY could cause temporary fluctuations, but it has kept Solana in the spotlight. This could help maintain demand for the token. If the support zones hold and buyers remain consistent, Solana could have the necessary foundation to aim upwards in the coming weeks.
