Kanye West, the renowned rapper, has recently launched a new meme coin (YZY) based on the Solana blockchain. Within hours of launch, this Solana meme coin market cap crossed $3 billion, likely driven by investor frenzy. West and his team has already planned a new ecosystem around YZY, involving a payment processor and a card.
Kanye West Launches Solana Meme Coin “YZY”
According to data from GMGN, Kanye West’s Solana meme coin YZY, quickly reached a market cap of $3 billion within hours of launch. However, on-chain data shows that the top six holder addresses collectively control 90.38% of the YZY token supply, raising concerns about concentrated ownership. The announcement comes as the frenzy around Solana-based meme coins is picking up once again, with Pump.fun crossing $800 million in lifetime revenue.
Along with the meme coin launch, the Yeezy Money official website unveiled two additional offerings: YE Pay, a cryptocurrency payment processor, and YZY Card, a debit card tool aimed at enabling seamless crypto transactions.
According to data from lp4fun, a suspected team address (5wbbjk…Z6wMcp) added 30 million YZY tokens as single-sided liquidity to the YZY-USDC Meteora Pool within the price range of $3.171607 to $4.492907, creating the largest resistance zone for YZY.
The social buzz around YZY meme coin is very high, driven by Kanye’s brand and the project’s DeFi features. However, market analysts have raised over Kanye’s actual involvement and the overall legitimacy of the initiative. While YE Pay and YZY Card introduce practical use cases that could provide long-term utility, the current momentum seems largely fueled by speculation.
YZY Memecoin Faces Pump and Dump
The Solana meme coin launched by Kanye West is seeing a strong pump-and-dump activity. As of writing, the token value has dropped sharply from above $3 to $1 within three hours. According to market data, a trader who shorted YZY with 3x leverage on Hyperliquid is currently holding an unrealized profit of $202,000, representing a 60.5% gain.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
Source: https://coingape.com/kanye-west-sonala-meme-coin-yzy-pump-and-dump/
