Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Kanye West unveiled a Solana-based meme coin called “YZY” on Thursday, immediately sparking volatile trading that saw its market cap soar and tumble in hours.
The token surged nearly 1,000% within minutes of its debut, briefly hitting a market capitalization of around $3b before slipping to about $137m, according to CoinGecko.
“The official Yeezy token just dropped,” West announced in a video posted to his X account, linking to Yeezy Money, a site described as a “concept to put you in control, free from centralized authority.”
Alongside YZY, the project’s website introduced a crypto payment processor called Ye Pay and a debit card dubbed YZY Card.
Insiders Move Quickly To Cash In On YZY Frenzy
On-chain data showed that insiders moved quickly to profit from the frenzy. Analytics platform Lookonchain reported that one buyer spent 450,000 USDC to acquire 1.89m YZY at $0.24 through two wallets.
The same investor later sold 1.59m tokens for 3.37m USDC at $2.12, securing more than $3.4m in profit, while still holding about $510,000 worth of YZY. One wallet even paid $24,000 in priority fees to ensure an early entry.
Speculative Wave In Meme Coins Driven By Political Tokens
Despite the pullback from its peak, trading activity remained intense. YZY recorded more than $386m in 24-hour trading volume and is currently priced at just over $1, with a circulating supply near 130m tokens. Market data also revealed that the top six holder addresses collectively control more than 90% of the token supply.
The launch comes at a time when the wider crypto market is resurgent, with the total market value climbing to $4 trillion. Bitcoin has surged to record highs, and Wall Street institutions are accelerating their exposure to digital assets.
The rise of politically-linked tokens, including Donald Trump’s cryptocurrency, has helped fuel a wave of speculative interest in meme coins.
Fast Transactions And Low Fees Fuel Solana’s Popularity
For West, the move marks his most significant entry into crypto after a string of indirect ties to the industry. In 2022, he was cut off by JPMorgan Chase following his controversial remarks, an episode that coincided with the erosion of his billionaire status. Forbes estimates his net worth now at around $400m, down from $2b.
The YZY launch also points to Solana’s role as a hub for meme tokens. Known for fast transactions and low fees, Solana has become the blockchain of choice for speculative trading and viral projects. By choosing Solana, West joins a wave of meme coin issuers capitalizing on the network’s growing popularity.
Meme coins, often created around jokes, internet culture, or celebrity figures, have increasingly crossed into mainstream finance. Their prices tend to reflect attention and hype rather than technical fundamentals.
