Kanye West launches his own meme coin, YZY, on the Solana blockchain, despite previously rejecting new-age obsession. The coin’s price surged to $3 billion within minutes of its launch, with 70% of the supply owned by Yeezy Investments LLC. West’s project “Yeezy Money” includes a payment processor and credit card, aiming to reduce merchant fees and allow users to spend YZY and USCD globally.
Kanye West, now known as Ye Ye, has officially released YZY, a new crypto token on the Solana blockchain. This announcement comes despite his previous reservations about celebrity crypto tokens. The YZY token briefly hit a $3 billion market value following Ye’s announcement [1].
The YZY token is part of Ye’s broader project, “Yeezy Money,” which includes a payment processor called Ye Pay and a credit card that allows users to spend YZY and USDC globally. The token operates with a total supply distributed across public allocation (20%), liquidity (10%), and vested tranches for Yeezy Investments LLC (70%) [1].
The system employs an anti-sniping mechanism that deployed 25 contract addresses, with only one selected as the official YZY token. This mechanism is designed to discourage snipers by making it a 1/25 chance for selection of the right CA, putting power back into the hands of real traders [1].
The YZY token saw an astonishing price surge of 6,800% within hours of its launch, reaching an all-time high of $3.16 during its first trading phase. One major investor reportedly made $6 million in profit by spending $2.28 million to buy 2.67 million $YZY tokens [3].
However, not everyone is convinced. Analysts warn that the YZY liquidity pool was created using only its token, instead of pairing it with a stablecoin like USDC. This setup leaves the door open for possible price manipulation by the developers in the future [3].
References:
[1] https://cryptobriefing.com/yzy-meme-coin-solana-launch/
[2] https://www.financialexpress.com/world-news/us-news/yeezy-money-kanye-wests-yzy-meme-coin-surges-to-3b-in-10-minutes/3953095/
[3] https://coinpedia.org/news/kanye-west-launches-yzy-token-on-solana-token-price-jumped-by-6800/
