Key Takeaways
Kanye West reportedly launched the YZY memecoin, going against his promise made earlier in the year. Will it go to zero like other celebrity tokens?
U.S. hip-hop artist Kanye West, also popularly known as Ye, has reportedly launched his memecoin, dubbed YZY, on Solana [SOL]. The token mooned 1400% to $3 billion in market cap in minutes.
However, as of press time, it had dropped to $1B market size (about 70% slump) amid mixed reactions from the crypto community.
Is YZY legit or another rug pull?
According to the artist, the token will power the ‘Yeezy Money’ ecosystem. Part of his X (formerly Twitter) post on the 21st of August included the contract address for the token.
Source: X
Per the website, the Yeezy Money is billed as a ‘new financial system, built on crypto rai
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Author: Benjamin Njiri
