Kanye West Launches YZY Token with $3 Billion Market Cap Surge
Kanye West’s Solana-based YZY token briefly reached a $3 billion market cap before dropping sharply, as insiders cashed out millions during volatile trading driven by celebrity hype and political token speculation.
Kanye West unveiled the Solana-based YZY token, which surged nearly 1,000% on launch to a $3 billion market cap before collapsing to $137 million within hours. The project introduced Ye Pay and the YZY Card, but on-chain data revealed insiders made over $3.4 million in profits during the frenzy, with one wallet paying $24,000 in fees to secure early entry. Despite the pullback, YZY recorded $386 million in daily trading volume and is priced around $1 with a circulating supply of 130 million tokens, though over 90% is concentrated in six wallets. The launch highlights Solana’s role as a hub for meme coins and comes amid a $4 trillion crypto market and record Bitcoin highs.
- YZY Token: A Solana-based meme coin launched by Kanye West, tied to the Yeezy brand with associated products like Ye Pay and YZY Card.
- Solana: A blockchain platform known for fast transactions and low fees, increasingly popular for meme coin launches and speculative trading.
- Meme Coin: A cryptocurrency often created as a joke or based on internet culture or celebrities, driven by hype rather than fundamental utility.