Kanye West’s YZY Solana meme coin soared to a $3B market cap within hours of launch before crashing to $1, sparking pump-and-dump allegations.
Kanye West, the esteemed rapper, recently introduced a novel meme coin (YZY) built on the Solana blockchain. The Solana meme coin market cap exceeded $3 billion within hours of its debut, a phenomenon that is likely attributable to investor excitement. West and his colleagues have already devised a new ecosystem around YZY, including a payment processor and a card.
Kanye West Introduces the “YZY” Solana Meme Coin
Kanye West’s Solana meme coin, YZY, achieved a market capitalization of $3 billion within hours of its introduction, as indicated by data from GMGN. Nevertheless, the on-chain data suggests that the top six holder addresses collectively control 90.38% of the YZY token supply, which raises concerns about concentrated ownership. The announcement is made when the excitement surrounding Solana-based meme coins is regaining momentum, as Pump.fun has now exceeded $800 million in lifetime revenue.
In addition to the meme coin launch, the Yeezy Money official website introduced two new products: YE Pay, a cryptocurrency payment processor, and YZY Card, a debit card tool designed to facilitate seamless crypto transactions.
The largest resistance zone for YZY was established when a suspected team address (5wbbjk…Z6wMcp) added 30 million YZY tokens as single-sided liquidity to the YZY-USDC Meteora Pool within the price range of $3.171607 to $4.492907, as per data from lp4fun.
Kanye West’s brand and the project’s DeFi capabilities are the primary factors contributing to the substantial social media chatter surrounding the YZY meme coin. Nevertheless, market analysts have expressed concerns regarding the initiative’s overall legitimacy and Kanye’s actual involvement. Although YE Pay and YZY Card introduce practical use cases that could provide long-term utility, the current momentum is primarily driven by speculation.
YZY Memecoin Experiences Pump and Dump
Kanye West’s Solana meme coin is currently experiencing substantial pump-and-dump activity. As of this writing, the token value has declined sharply from $3 to $1 within three hours. According to market data, a trader who shorted YZY on Hyperliquid with 3x leverage is currently holding an unrealized profit of $202,000, which represents a 60.5% gain.
This led to YZY’s rapid decline from one of Solana’s most popular meme currencies to a severe crash within hours. Market experts have already labeled it fraud. Anthony Sassal, a prominent Ethereum contributor, stated, “Another scam has reached the trenches.” At this juncture, it is likely that you will lose money if you purchase this product. View it as a learning experience.
Arthur Hayes, a prominent crypto entrepreneur and investor, also disclosed that he had acquired the token and was observed urging Kanye West to refrain from pulling the carpeting.
