Kanye West’s new Solana-based memecoin, YZY, made headlines after skyrocketing to a $3 billion market cap within just a few hours of going live. But the hype didn’t last long, soon after the launch, the token dropped from over $3 to around $1 in less than three hours, sparking accusations of a pump-and-dump.
Data shows six wallets currently control over 90% of the token supply, raising eyebrows about centralization. Alongside the coin, West’s team also teased future products like YE Pay, a crypto payments platform, and YZY Card, a debit card designed for seamless transactions.
Still, the wild price action overshadowed those announcements. Traders quickly jumped in and out, with one short position on Hyperliquid reportedly netting a 60% gain worth over $200,000.
The sharp drop led many in the crypto space to label the project as questionable. Ethereum community voice Anthony Sassal didn’t mince words, writing:
“Another scam has hit the trenches. At this point, if you’re buying this stuff, you probably deserve to lose your money, take it as a learning experience.”
Meanwhile, Arthur Hayes revealed he picked up some YZY tokens, even going as far as to publicly ask Kanye not to rug pull.
Whether YZY becomes more than just another flash-in-the-pan memecoin remains to be seen, but the launch has already added fuel to Solana’s ongoing memecoin craze.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
