Kanye West’s new token, $YZY, launched on the Solana blockchain and saw explosive growth before a sharp price decline. Within hours of trading, the token’s price jumped 6,800%, reaching highs of over $3 billion before plunging to under $1.5 billion. This rapid volatility was partly attributed to whale activity and concerns about market structure. A large investor reportedly profited $6 million during the surge. 70% of the YZY token supply is controlled by Kanye West, leading to concerns about decentralized control and market stability.
$YZY briefly reached a market cap of over $3 billion before experiencing rapid corrections. One whale invested $2.28 million in $YZY, later netting a profit exceeding $8 million. 70% of the YZY supply remains under Kanye West’s control. The liquidity structure, which is currently dominated by $YZY tokens without stablecoin pairing, raises concerns about potential developer influence over price movements.
The token was part of a broader ecosystem called YZY Money, introducing components like Ye Pay (crypto payments) and the YZY Card (spending tool). Despite social media hype from Kanye West’s promotion, which included a $20,000 prize pool for early participants, market activity remained volatile.
The introduction of $YZY joins other celebrity-backed tokens in a trend that has sparked investor concerns. While this launch reflects the growing interest in cryptocurrencies backed by celebrities, there are risks tied to liquidity design and potential insider activity.