BCGAME - Free 5BTC Daily Bonus!- Kanye West Launches YZY Cryptocurrency on Solana
- YZY hits $3 billion before crash
- Kanye's Cryptocurrency Divides Market Opinions
Rapper and entrepreneur Kanye West, now officially known as Ye, has fully entered the cryptocurrency market with the launch of the YZY token, based on the Solana network. The asset reached a valuation of $3 billion within hours of its launch, but quickly lost value thereafter. The artist himself described the project as "a new economy, built on a chain," highlighting his vision of expanding businesses through blockchain.
Despite the initial repercussion, experts pointed to signs of centralization in the token. Data from GMGN, shared by journalist Colin Wu, indicates that 90% of the supply is concentrated in just six wallets. Lookonchain also identified operations resembling "rug pull" schemes, where insiders converted $450 in USDC into over $3 million in a few hours, raising suspicions about access privileges and internal transactions.
Despite the criticism, Kanye's popularity ensured YZY was quickly listed on major platforms, including Bitget. The project also introduced Ye Pay, a cryptocurrency payment processor, and the YZY Card, a debit card that promises to allow daily spending with YZY and USDC. According to the information released, 70% of the issuance was allocated to Yeezy Investments LLC, 20% was publicly available, and 10% was allocated to liquidity, managed via Jupiter Lock contracts.
The community's reaction was mixed. Trader Defi Mochi assessed that the fully diluted market cap of between $2 billion and $3 billion represents a "poor risk-reward," also pointing to a suspicious coincidence with the Libra fund unlock. Ki Young Ju, CEO of CryptoQuant, compared YZY to the token launched by current US President Donald Trump, which initially appreciated strongly but later plummeted by 88%.
The market experienced intense volatility. YZY reached a high of $3,16, before falling 66% to $0,91 that same day. In the last 24 hours, the token has depreciated by over 33%, reducing its market value to approximately $349 million. Meanwhile, traders took advantage of this situation to both profit from short positions, as in the case of one investor who made $202 in leveraged trades, and to suffer losses exceeding $159 in attempted purchases.
