Kanye West, often known as Ye, launched a brand new token known as YZY on the Solana
$182.09
community.
The coin climbed to a market worth of $3 billion inside 40 minutes of launch, however dropped again to about $1.05 billion, based on Nansen.
The token was promoted by Ye on X, the place he posted the contract deal with and linked to the Yeezy Cash web site. The positioning calls YZY “a brand new economic system, constructed on chain” and presents it because the foreign money for transactions inside its system, “YZY Cash”.
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The launch got here with a number of warnings. The web site says customers in restricted nations can’t entry it and highlights the danger of dropping all invested funds. In February, Ye had warned that he as soon as turned down $2 million to again a rip-off.
Builders used an uncommon setup by creating 25 contract addresses and randomly selecting one because the official token. The objective was to make it more durable for bots to seize cash immediately at launch.
Nonetheless, Lookonchain reported that solely YZY tokens have been added to the liquidity pool, which implies the staff may regulate provide and promote at will.
Coinbase’s
$2B
Conor Grogan famous that insiders initially held about 94% of the provision, with one multisig pockets alone controlling 87% earlier than funds have been unfold to different wallets.
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