U.S. Rapper Kanye West launched YZY token on Solana rocketed up to USD 3 billion in value just 40 minutes after its launch. West, who officially goes by Ye, unveiled the contract address along with the website for Yeezy Money, which he describes as “A NEW ECONOMY, BUILT ON CHAIN.” Ye joins a long list of celebrities who have previously ventured into crypto with their meme-based tokens.
The Solana-based meme coin, framed as part of a broader “YZY Money” ecosystem, the website describes the token as part of “a new financial system built on crypto rails.” YZY is launched as the native cryptocurrency of a wider ecosystem.
The token’s launch employed an anti-sniping mechanism, deploying 25 contract addresses with only one chosen as the official YZY token, with the focus on “putting power back into the hands of real traders,” the website notes.
The token distribution showed
- 20% allocated to the public
- 10% to liquidity
- 70% to Yeezy Investments LLC, locked for 24 months under a structured vesting arrangement via Jupiter Lock.
Ye’s announcement fueled a buying surge that quickly propelled YZY’s market cap to more than USD 3 billion within 40 minutes after it went live. The token momentarily tapped USD 3.16 in early trading holding a nearly 6,800% jump from its issue price.
The token was listed on platforms including:
- CoinMarketCap
- Bitget
Executive Statement
According to Coinbase director Conor Grogan, approximately 94% of the token supply was held by insiders. He pointed out that one single multisig wallet once controlled 87% of the supply before it was distributed to multiple wallets.
According to Leverage trader James Wynn, whales would likely be attracted to the token because of its liquidity and volume. Wynn noted that it is a short-term play and that he is planning to double or quadruple the amount he has put in the token.