Kanye West’s YZY Token Plunges: A Solana Memecoin Crash Course

American rapper Kanye West’s foray into the crypto world, the YZY token launch on the Solana blockchain, experienced a dramatic collapse. The token’s value skyrocketed within hours of its launch, reaching a market capitalization of nearly $3 billion, fueled by trading activity on decentralized exchange Raydium. However, this boom was short-lived: the token price plummeted by over 90% in a single day, shrinking its market cap to approximately $137 million. This sharp decline resembled past Solana memecoin phenomena, where projects built on hype or celebrity endorsements surge quickly before crashing just as abruptly.