Kanye West, also called Ye, launched a brand new token referred to as YZY on the Solana
$204.26
community.
The coin climbed to a market worth of $3 billion inside 40 minutes of launch, however dropped again to about $1.05 billion, in keeping with Nansen.
The token was promoted by Ye on X, the place he posted the contract tackle and linked to the Yeezy Cash web site. The location calls YZY “a brand new financial system, constructed on chain” and presents it because the forex 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 shedding 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 had been added to the liquidity pool, which implies the crew might modify provide and promote at will.
Coinbase’s
$2.36B
Conor Grogan famous that insiders initially held about 94% of the availability, with one multisig pockets alone controlling 87% earlier than funds had been unfold to different wallets.
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