Ye’s signature memecoin boomed to $3.2 billion before dumping 60% hours into launch after some intense short-selling.
Ye, the Hip Hop star who went rogue after a series of violence-inciting online rants towards the Jewish community is back on the radar with his own signature meme coin. In contrast to the usual celebrity-backed meme coin based purely on hype, Kanye promised his audience an all-around crypto payment ecosystem.
YZY Coin Briefly Takes Crypto Twitter By Storm
The freshly-arrived Money.Yeezy website serves a huge contrast from the usual celebrity meme coin website cramped with flashy visuals. The minimalistic design reads “YZY MONEY IS A CONCEPT TO PUT YOU IN CONTROL, FREE FROM CENTRALIZED AUTHORITY”. Less than an hour into launch, the meme coin was already sporting a nearly $3 billion market cap.
However, a few red flags started waving right from the jumpstart. Apparently, 6 crypto wallets collectively hold nearly 91% of YZY’s total supply. The unapologetic Ye’s signature meme coin jumped to $2.95 on Thursday morning, but what happened next resembles a classic pump & dump scheme.
Kanye West’s YZY Coin Crashes 60% In a Blitz
Acknowledging the 60% drop in 5 hours after launch that clearly clarifies as a crypto pump & dump, YZY coin on Solana (SOL) was still endorsed by a few big names in the crypto sphere.
James Wynn, a degenerate crypto investor known for obnoxious leverage levels & tens of millions on single-handed plays, uttered: “Aped $YZY on a 60% pull back. YZY has a major mind share, major cult fans, perfect demographic for crypto. Short term play.”
Wynn’s YZY endorsement sparked a fiery reaction, with some crypto traders openly flexing their profits on short-selling the controversial meme coin during its first day on Solana (SOL). Others, such as the outspoken crypto millionaire Arthur Hayes, also aped into Ye’s concept of autonomous finance.
The crypto millionaire went on to publicly beg Kanye West on X not to rug him, but the request wasn’t handled too well. At press time, YZY coin traded at $1.15, dropping 10.4% in the last hour, per CoinGecko’s price data. Meanwhile, Yeezy’s new crypto venture opened up a white list for the YZY card, which is supposedly a non-custodial card enabling YZY & USDC payments without conversion to fiat.
On The Flipside
* Arthur Hayes posted a follow-up message playfully calling out his audience for not stopping him from a bad financial decision.
* According to swirling social media buzz, one of YZY’s devs is openly bragging about insider trading & rugging on IG live.
Why This Matters
Celebrity meme coins on Solana are notorious for rugpulls, dropping by 99% in a matter of days since inception. Therefore, the legitimacy of celebrity-themed meme coins is questionable for a valid reason, even dubbed by Solana’s co-founder as “digital slop”.
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