The new cryptocurrency Yeezy Coin has risen sharply by 6,800% immediately after launch

Note: not an investment advice!

The American rapper and businessman Kanye West, who now officially uses the name Ye, unexpectedly entered the cryptocurrency world by launching his own $YZY token on the Solana blockchain SOL $183.66 Binance-Peg SOL 1.66% Market capitalization $0.2 billion VOL. 24 hours $0.7 billion . The debut of Yeezy Coin instantly caused a stir among investors, fans, and large traders.

In the first hours after the launch, the price of the token increased by 6,800%. One of the major investors, according to Onchain Lens, spent 12,170 SOL (about $ 2.28 million) to buy 2.67 million $YZY and almost immediately found himself in the black by more than $ 6 million — the current value of the stake is estimated at $ 8.29 million. The highest price of the token during the auction was $ 3.16, but rapid profit-taking and changes in liquidity brought its quotes down to $ 1.47, which corresponds to a capitalization of $ 146.7 million (according to GeckoTerminal).

The launch was supported by active advertising from Ye himself on social media and the announcement of a $ 20,000 prize pool. In addition, Yeezy Coin will be directly used in the rapper’s fashion empire — the token will be able to pay for purchases in the Yeezy online store.

According to the plan, 70% of the total $YZY issue will remain under the control of Kanye West, while 20% will be distributed among investors and 10% will go to liquidity pools. This model resembles the structure of other «star» coins, such as the TRUMP meme coin, which was previously used as an example for Ye.

However, experts warn that the YZY liquidity pool was formed only from tokens without pegging to a stable coin like USDC. This creates potential risks of price manipulation by developers and may affect the long-term stability of the project.

The No Worries editorial team strongly advises readers not to invest their own funds in dubious cryptocurrency projects and little-known digital assets!