In brief
- Kanye West said Tuesday that his Instagram was hacked to promote a fake YZY token.
- The unofficial token briefly spiked to a $7 million market cap before crashing down to around $160K.
- Kanye’s real token has fallen 81% from its all-time high and trades around a $73 million market cap.
Kanye West’s official Solana meme coin, YZY, is down nearly 81% from its peak only a week after launch as the rapper contends with what he said is an Instagram hack that promoted a fake token of the same name.
The real YZY token on Solana has risen nearly 1% today, while the impostor version sits 96% off its all-time high price, now trading just above a $160,000 market cap.
“My Instagram has been hacked and it’s following a fake coin,” Kanye posted to X, adding the official token’s X account and Solana contract address which ends in “YEEZY.”
My Instagram has been hacked and it’s followi
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Author: Logan Hitchcock
