Critics are already question whether Kanye West’s memecoin is a pump and dump scheme.
The coin, called YZY, soared to $3 billion value, then immediately crashed to around $1 billion. It fell under $1 billion briefly this morning before climbing back to that level again.
For West, this could be a get rich quick scheme. Known as Ye, West has lost all his fashion contracts, is persona non grata in the music world. It remains to be seen what his coin is based on.
Ye is more closely identified with antisemitism, a love of Hitler, and sporadic outbursts than any kind of financial success. Why would anyone waste time on this?
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