Hello everyone, this is Zhou Zhou!
#KANYEWEST has once again stood at the center of attention, but this time not in the music industry, but in the crypto world. Kanye, who once said he would 'never issue a coin to deceive fans,' has today slapped himself in the face.#名人MEME热潮
In the morning, he directly announced the #YZY token's contract address on Twitter.
Once the news broke, the market went crazy, with the number of YZY holding addresses skyrocketing to 28,200 in just forty minutes, and the price surged to $3.43 in an instant. But the good times didn't last long, as it fell back to $1.80 within half an hour.
Has Kanye really stepped in?
To avoid suspicion that his account was hacked, Kanye subsequently released a 'certification video'. Although he appeared somewhat dazed, this was considered a personal confirmation that YZY is indeed the meme coin he issued.
Meanwhile, the YZY Money official website was also launched, claiming to 'fight against centralization.'
The official website showcases two ecological applications:
YZY Pay: a crypto payment processor that merchants can integrate into their websites or apps, with lower fees.
YZY Card: a crypto debit card that supports YZY, USDT, and USDC, allowing direct crypto spending.
Even Kanye's own Yeezy official website has already launched the YZY payment option, looking quite official.
Familiarity with celebrity coins.
This scene is reminiscent of the Trump Meme coin earlier this year: celebrity effect, personal endorsement, market frenzy, while mainstream coins suffered from 'bloodsucking' of funds.
However, the difference is that Trump Coin once gained massive FOMO, while YZY, just after its launch, was exposed for insider trading and wash trading.
According to YZY Money's official website, to prevent 'sniping', the team has set up 25 contract addresses and randomly selected one as the final authentication address, reducing the probability of guessing the correct address in advance to 4%.
However, the market is not buying it and ridicules this approach as 'clownification.'
Insider players are wildly harvesting.
On-chain data shows that the distribution of YZY tokens is extremely unhealthy. At least 94% of the tokens are held by insiders, with one multi-signature wallet once controlling 87%.
Some insider wallets had already laid in wait: for example, 6MNWV8 had low-priced purchases of 1.29 million YZY before the announcement was made and cleared 80% of their position at $1.39, directly profiting $1.5 million. Several other wallets similarly stocked up beforehand and later sold high, easily making millions in profit.
What kind of community project is this? It's simply a meticulously designed harvesting scheme.
Is the mastermind behind the scenes emerging?
Some KOLs revealed that Hayden Davis, who previously issued the 'Argentine President Coin' Libra, also participated in this YZY.
Coincidentally, just five hours before Kanye announced the coin, a U.S. judge had just unblocked $57.6 million related to Libra, one of which is controlled by Hayden Davis.
This drama doesn't seem to be just Kanye's idea.
Kanye, who slapped himself in the face, went from FOMO to criticism.
Ironically, just half a month ago, Kanye publicly stated that he rejected an offer of $2 million from the team to issue a coin and emphasized that he would not deceive fans.
I didn't expect that in the blink of an eye, YZY would be brought to the table. The coin price has now dropped below $1.10, and countless investors chasing the hot trend are trapped, becoming 'Kanye's die-hard fans.'
At first, market sentiment was full of FOMO, and even Polymarket opened up betting on YZY. But as insider information was exposed, the market quickly turned, with constant accusations and ridicule aimed at Kanye.
Kanye has often stood at the forefront of the entertainment industry with his music and personality, and now he is stirring up a storm in the crypto space. The difference is that this time, more people are not spectators but passive victims.
The crypto circle changes rapidly, with opportunities and risks coexisting. Learning to enter and exit strategically, protecting the principal, is essential for steady progress and wealth growth. ✍️ Remember to DYOR, manage risks well, and wish everyone smooth sailing in the crypto world! 🌊
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