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Is Kanye West’s Solana Meme Coin Launch Dead?
The post Is Kanye West’s Solana Meme Coin Launch Dead? appeared on BitcoinEthereumNews.com. Kanye West’s meme coin YZY came crashing down barely hours after rocketing past the $3 billion market cap threshold. In an X post on Thursday, the controversial American rapper promoted YZY as a “New Economy, Built On Chain,” sharing both its contract address and website. The post ignited the initial buying frenzy around the meme coin and pushed its market cap above $3 billion within forty minutes of its launch. However, due to suspicious fund movements by insiders and the centralized control of its tokenomics, questions regarding the legitimacy of YZY began to gain ground. Blockchain trackers, including Lookonchain, raised insider trading alerts, revealing that not less than 95% of the supply is controlled by four wallet addresses, as against the larger population that West claimed the project will serve. And amid growing skepticism from fans and analysts, YZY suffered a brutal hit, losing nearly 74% of its value in less than 24 hours and leaving thousands of retail investors with big losses. But the dramatic price swings didn’t come as a surprise to many, considering its launch followed the same controversial pattern with other celebrity rug pulls like LIBRA that hurt many degens earlier this year. At the time of writing, the Solana meme coin is trading around $0.7, down 74% from its all-time high of $3. The market cap? It’s currently hovering around $200 million, having lost over two-thirds of its peak value. Unsurprisingly, even the latest broader market recovery, sparked by the Fed’s September rate cut plan, has done nothing to shift the bearish sentiment around the token. Is YZY finally dead? How Kanye West’s Meme Coin Turns Into A Pump-and-Dump Nightmare YZY arrived on Solana on Thursday, August 21st, 2025, and was immediately listed on Bitget. The release took the market by storm, with the price…
The post Is Kanye West’s Solana Meme Coin Launch Dead? appeared on BitcoinEthereumNews.com.
Kanye West’s meme coin YZY came crashing down barely hours after rocketing past the $3 billion market cap threshold. In an X post on Thursday, the controversial American rapper promoted YZY as a “New Economy, Built On Chain,” sharing both its contract address and website. The post ignited the initial buying frenzy around the meme coin and pushed its market cap above $3 billion within forty minutes of its launch. However, due to suspicious fund movements by insiders and the centralized control of its tokenomics, questions regarding the legitimacy of YZY began to gain ground. Blockchain trackers, including Lookonchain, raised insider trading alerts, revealing that not less than 95% of the supply is controlled by four wallet addresses, as against the larger population that West claimed the project will serve. And amid growing skepticism from fans and analysts, YZY suffered a brutal hit, losing nearly 74% of its value in less than 24 hours and leaving thousands of retail investors with big losses. But the dramatic price swings didn’t come as a surprise to many, considering its launch followed the same controversial pattern with other celebrity rug pulls like LIBRA that hurt many degens earlier this year. At the time of writing, the Solana meme coin is trading around $0.7, down 74% from its all-time high of $3. The market cap? It’s currently hovering around $200 million, having lost over two-thirds of its peak value. Unsurprisingly, even the latest broader market recovery, sparked by the Fed’s September rate cut plan, has done nothing to shift the bearish sentiment around the token. Is YZY finally dead? How Kanye West’s Meme Coin Turns Into A Pump-and-Dump Nightmare YZY arrived on Solana on Thursday, August 21st, 2025, and was immediately listed on Bitget. The release took the market by storm, with the price…
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