Kanye's launched Meme coin YZY staged a market value 'roller coaster': just 40 minutes after going live, the market cap soared to $3 billion, but then quickly 'halved' due to insider trading controversies, dropping below $1 billion. On-chain records show that 13 mysterious wallets cashed out $24.5 million in a short period, while among the more than 56,000 wallets participating in the trading, most retail investors lost their entire investment due to buying at high prices. Even more criticized is that 70% of the total token supply is held by Kanye's company, with only 10% in the liquidity pool, which has been pointed out as a 'scam' structure.
Dramatically, Kanye later added $34 million to the liquidity pool in an attempt to stabilize the price, but market confidence had already collapsed, and netizens joked: 'This move is more dramatic than his new album.'
