YZY Token’s Explosive Rise and Sudden Crash Highlight Concerns about Celebrity-Backed Crypto

Rapper Kanye West’s foray into the cryptocurrency market with his YZY token on Solana has been marked by a dramatic rise and fall. The token briefly reached a staggering $3 billion in value, but this momentum was short-lived as news of insider control and questionable trading practices sparked widespread concern. 87% of circulating tokens were owned by a single multisig wallet alone, raising the specter of market manipulation. 94% of the supply was controlled by insiders who exploited priority access to liquidity, leading to a sharp drop in value to $1.05 billion.