Coinbase has revealed that a significant portion of new tokens associated with rapper Kanye West’s (Yeezy) project, the YZY tokens, are held internally. A senior executive at Coinbase estimates that 94% of these newly issued tokens are currently dispersed across various addresses. This information follows an earlier report highlighting that 87% of the tokens were initially concentrated in a single wallet before being distributed across multiple addresses. Notably, the launch of YZY tokens has seen immediate market impacts, with the token’s market cap skyrocketing to $3 billion before dropping to approximately $1.05 billion. Early investor reactions have been mixed, some are selling off their holdings due to perceived sell pressure.