Kanye West, a US hip-hop provocateur known as Ye, launched a Solana-based token called Yeezy Money (Yzy) and mocked his brand and the vast crypto payments ecosystem that has plunged his fan’s wallet into the spotlight.
In Thursday’s announcement about X, West wrote: “Yeezy Money is here… a new economy built on the chain” and share the token contract address and a link to the website for Yzy’s buying and selling and sending.
Suspicion of Yzy card design
According to West’s website, the Yzy ecosystem includes “Ye Pay,” a payment processor that allows merchants to accept credit and crypto payments, and “Yzy Card,” a non-custodial debit card for merchants around the world to use Yzy tokens and Stablecoins like USDC and USDT.
Checkout options
Currently, Yzy is listed as a checkout option on West’s official product site, but it’s not working yet.
Only 15% of traders make a profit
The token’s debut was turbulent. According to DexScreener, Yzy surged to a market capitalization of $3 billion within 40 minutes of the launch.
Analytics company Nansen shows that over 60,000 wallets traded Yzy on the first day. Of these, only 9,413 wallets achieved profits of more than $10.
There are also clear indications that will wander Memecoin’s hype as Yzy hit just $724 million in its first day deal.
yzy chart
Concerns about insider concentration soon followed. Conor Grogan, director of Coinbase, said in X’s post that the majority of token supply is initially held by insiders, with one multi-signature wallet having 87% control at one point.
Despite these accusations, Yzy trades at a $1 billion valuation, according to Jupiter’s decentralized Crypto Exchange data.
West’s entry into Crypto shows a tough shift from his previous statement. In February, he rejected the idea of launching a coin and revealed that he had turned down a $2 million offer to promote the fake Yethoken, saying Memocoin said it was “preying to fans of hype.”
