Kanye West’s newly launched $YZY token experienced a dramatic drop of over 70% within just 24 hours, raising concerns about the volatile nature of celebrity-backed cryptocurrencies. Despite initial hype surrounding the token, analysts are questioning whether its success was driven by actual utility or solely the influence of Ye’s iconic brand. The crash highlights the risks associated with investing in tokens based on celebrity endorsement alone. Investor backlash and memes mocking the collapse have become common as many investors expressed disappointment over their losses. While this is not the first instance of a meme coin experiencing a sudden drop, $YZY’s swift decline stands out due to its scale and speed.