Kanye West’s foray into the cryptocurrency world saw a meteoric rise, exceeding $3 billion in value before swiftly collapsing. This surge was fueled by his influential brand and promises of a supporting ecosystem including YE Pay and the YZY Card debit card. However, on-chain data revealed concerning centralization as over 90% of the token’s supply resided with just six wallets, suggesting significant control by whales or insiders. 30 million YZY were injected into USDC trading pools, creating a resistance zone that traders flagged as potentially volatile. Within hours of reaching its peak price above $3, the token witnessed a dramatic crash, wiping out billions in paper value and sparking accusations of pump-and-dump schemes on social media. While some traders capitalized on the resulting volatility, profiting from short positions, others like Anthony Sassal labeled it a scam warning against chasing celebrity-backed meme tokens. Even Arthur Hayes, co-founder of BitMEX, admitted to buying into the hype, urging Kanye not to shut down the project. Analysts remain divided: while supporters point towards potential utility in YE Pay and YZY Card, skeptics highlight the crash as evidence of the fleeting nature of celebrity-driven token launches. This information is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.