In a shocking turn of events that could have been predicted, Kanye West’s YZY Memecoin has taken the fall. Too bad for the several well-known traders.
His latest masterpiece and gift to the world is the YZY memecoin launched on Solana.
Ye’s Memecoin: A hero or Tin Wrapped in Foil?
The glittering YZY token skyrocketed to a jaw-dropping $3 billion market cap in just 40 minutes.
Because apparently, that’s just what happens when Ye tweets a contract address.
But by the time the dust settled, the token was slumming it at a mere $1.05 billion.
In his infinite wisdom, YE took to X to proclaim the dawn of “A NEW ECONOMY, BUILT ON CHAIN” with his Yeezy Money project.
He also modestly describes it as a “financial system built on crypto rails.”
Because who needs traditional banking when you’ve got a website with some fine print warning of “potential for complete loss”.
The controversy surrounding YZY Memecoin
The YZY token launch wasn’t just a wild ride for investors.
The Yeezy Money crew, in a stroke of genius, deployed 25 contract addresses, picking one at random to keep those pesky token snipers at bay.
According to reports, YZY tokens were added to the liquidity pool, meaning the developers could yank the rug whenever they felt like it.
Coinbase director, Conor Grogan, casually pointed out that 94% of the token supply was cozying up in insider wallets.
In a plot twist, one alleged insider blew $710,000 on the wrong token.
Meanwhile, another savvy trader shelled out $24,000 in Solana priority fees to secure a cool $3.4 million profit.
Despite the whiff of insider trading and the general air of “what is even happening,” crypto whales and traders are still piling in like it’s Black Friday at a Yeezy merch drop.
Leverage trader James Wynn called YZY a “short-term play” and compared it to Donald Trump’s $TRUMP memecoin.
“Aped $YZY on a 60% pull back. 4x,” Wynn boasted.
In truth, celebrity memecoins are the crypto equivalent of a reality TV show. Flashy, controversial, and often a trainwreck.
This is similar to Argentina’s President Javier Milei hyping the LIBRA token to a $4 billion market cap. He later came under fire when the Libra token was classified a scam. Milei even deleted his post after the internet lost its collective mind.
The fact of the matter is that , these kinds of celebrity endorsed tokens actually take away from actual memecoins creating trust issues for everyone.
