Rapper Kanye West’s newly launched YZY token on Solana rocketed up to $3 billion in value just 40 minutes after its launch, but concerns over insider sales dented a large portion of the gains.
In a Thursday X post, West, who officially goes by Ye, shared the contract address along with the website for Yeezy Money, which he describes as “A NEW ECONOMY, BUILT ON CHAIN.”
The website describes YZY as a currency to power transactions within “YZY MONEY,” a “financial system built on crypto rails.”
In a later post, West was seen saying, “the official YZY token just dropped.”
In response, one user posted a screenshot showing that back in February, Kanye West had warned fans he was offered $2 million to promote a fake cryptocurrency. The deal reportedly required him to pretend his account had been hacked after endorsing the token.
YZY skyrocketed to a $3 billion market cap within just 40 minutes of launch, with its price peaking at $3.16—a staggering 6,800% surge. But the rally was short-lived. The token has since plummeted over 74%, dropping to around $0.66 and leaving most early buyers deep in the red.
Did it all fall down?
BY: BEWITTY Staff
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