Sign Up on MEXC
Highlights
- Kanye West’s YZY meme coin went from an all-time high to an all-time low within just a week.
- Insiders' 90% control over the supply, combined with pump-and-dump tactics, crashed the YZY by 82% from its peak.
- Kanye’s hacked Instagram account fueled a yzytoken scam, shaking investors’ trust.
Kanye West’s meme coin YZY Money (YZY) has clearly presented the picture of volatility within a week. YZY price surged to an instant high as the market’s demand pumped the token on launch; however, as the demand decreased, the token came crashing down, creating a major loss for investors.
Kanye West YZY Meme Coin Crashes 82%
The newly launched meme coin YZY Money had a kickstart, with the name Kanye West (now known as Ye) attributed to it. Notably, the YZY soared to an ATH of $3.16 just minutes after launch, reaching a market capitalization of $400 million and above before it came crashing.
At press time, the YZY token is down 82% from its ATH, currently trading at $0.5554, with $166.63 million in market capitalization. Its trading volume has also declined to $37.98 million, indicating a decline in investor interest.
- Source: CoinMarketCap, YZY Money Price chart
Notably, a few crypto experts beforehand predicted this possibility, citing the performances of other celebrity tokens, dominated by insiders and scams.
YZY Insiders Pump and Dumps Fuel Downtrend
Kanye West’s token launch clearly put the hype vs reality picture straight. The YZY token was launched on August 21 and instantly became one of the trending meme coins, but the hype didn’t last.
Soon after launch, reports came that insiders are controlling 90% of the YZY supply and even pocketing more than $24.5M in profits. More importantly, some of these got even early access or they knew details that weren’t even disclosed before the launch, giving them an early advantage.
One such top insider is Hayden Davis (co-founder of the LIBRA project), who earned $12M per Bubblemaps report. Bubblemaps noted that his wallet purchased the Kany’s token just one minute after the launch and used multiple exchanges to disguise the fund sources.
- Source: X, Bubblemaps
There’s also speculation that he may have helped with the token launch, concerning investors more. That’s because of his LIBRA project collapse, with accusations of mismanagement. Recently, the court unfroze $57 million USDC tied to Davis and Ben Chow, which is likely funding his YZY purchases.
A TRUMP insider with $100 million profit also identified buying YZY. While the insiders benefited, others suffered, as the pump and dump crashed the YZY meme coin by 82%.
Kanye West’s Instagram Account Hack and Fake Token Scam Jolts Investors
On August 26, Kanye West made a shocking announcement, revealing that hackers had taken over his Instagram account. He admitted that now it’s following a fake coin ‘yzytoken’, which is a big deal since he only followed one account of Bianca Censori, his wife.
- Source: X, Kanye West
The sudden addition of a new account ‘yzytoken’ to his following pumped the token to a $7 million market cap, but soon came crashing down to $160,000, causing major chaos.
This series of events has left investors heartbroken on the YZY meme coin launch, as the token continuously struggled with insiders, pump and dump, and now scams. Experts allege that it’s following a similar pattern to other celebrity meme coins.
For example, Kim Kardashian, Donald Trump, and others’ token launch, which had a major pump at launch but a quick collapse soon.
Frequently Asked Questions (FAQs)
1. What happened to Kanye West’s YZY meme coin?
2. Why is its price continuously going down?
3. Who are the major insiders associated with YZY?
- Pro-Crypto Stephen Miran Sworn in as Fed Governor Ahead of FOMC Meeting
- Breaking: Circle Announces HYPE Investment and USDC Launch on Hyperliquid Ahead USDH Launch
- Coinbase Data Signals XRP Supply Shock Ahead- Analyst Claims $5 XRP Soon
- PUMP vs HYPE: PumpFun Daily Revenue Surges Past Hyperliquid, Analyst Projects New ATH
- Shiba Inu Update: Shytoshi Kusama Breaks Silence, Confirms “War Room” to Counter Shibarium Exploit
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
- Solana Price Prediction: Analyst eyes $1,250 as Galaxy Digital and Forward Industries Intensify Accumulation
