Renowned rapper Kanye West has officially stepped into the world of cryptocurrencies with the launch of the memecoin “YZY” on the Solana blockchain. According to GMGN data, the token quickly reached a market capitalization of over $3 billion shortly after its debut.

One notable point is the high supply concentration: the top six wallet addresses collectively hold 90.38% of the total supply, raising concerns over centralization risks and potential price manipulation. However, the star power of Kanye West has helped YZY rapidly become a focal point in the crypto community.

Beyond the memecoin itself, the project is also expanding into payments. Its official website introduces YE Pay, a crypto payment processing platform, and YZY Card, a debit card tool that enables direct spending.

According to lp4fun data, an address believed to be linked to the team, 5wbbjk…Z6wMcp, added 30 million YZY in single-sided liquidity to the YZY-USDC Meteora pool within the price range of $3.171607 – $4.492907, forming YZY’s largest resistance zone.

Currently, YZY’s fully diluted valuation (FDV) has dropped from a peak of $3.2 billion to around $2 billion.