Kanye West unveiled a piece of memes based in Solana on Thursday called “Yzy”, immediately triggering the volatile trading which saw its market capitalization hovering and tumbled in hours.
The token jumped almost 1,000% in a few minutes after its beginnings, briefly reaching a market capitalization of around 3 billion dollars before slipping at around $ 137 million, according to Coingecko.
“The official Yeezy token has just dropped,” West announced in a video published on his X account, connecting to Yeezy Money, a site described as a “concept to control you, without centralized authority”.
Alongside Yzy, the project website presented a cryptographic payment processor called Ye Pay and a debit card nicknamed Yzy Card.
The initiates move quickly to enjoy Yzy Frenzy
The data on the channel showed that initiates quickly took advantage of enjoying the frenzy. The Lookonchain analysis platform reported that a buyer had spent 450,000 USDC to acquire 1.89 m yzy at $ 0.24 at two portfolios.
The same investor then sold 1.59 million tokens for USDC 3.37 million at $ 2.12, obtaining more than $ 3.4 million in profits, while holding around $ 510,000 from Yzy. A portfolio even paid $ 24,000 in priority to ensure early entry.
Speculative wave in coins motivated by political tokens
Despite the withdrawal of its peak, commercial activity has remained intense. Yzy has recorded more than $ 386 million in negotiation volume 24 hours a day and is currently at a price of just over $ 1, with a circulating offer nearly 130 m of tokens. Market data also revealed that the six best addresses collectively bear more than 90% of the tokens supply.
The launch comes at a time when the wider cryptography market is resident, the total market value climbing to 4 dollars. Bitcoin has increased to record heights, and Wall Street’s institutions accelerate their exposure to digital assets.
The rise in power of politically linked tokens, including Donald Trump’s cryptocurrency, has helped to fuel a wave of speculative interest for the pieces even.
Rapid transactions and low costs feed the popularity of Solana
For West, this decision marks its most important entry into the crypto after a series of indirect links with industry. In 2022, he was cut by Jpmorgan Chase after his controversial remarks, an episode that coincided with the erosion of his billionaire status. Forbes estimates its net value now at around $ 400 million, compared to $ 2 billion.
The launch of Yzy also indicates the role of Solana as a hub for the tokens even. Known for its fast transactions and low costs, Solana has become the blockchain of choice for speculative and viral negotiation projects. By choosing Solana, West joins a wave of money issuers of memes capitalizing on the growing popularity of the network.
The same currencies, often created around jokes, internet culture or celebrity figures, have increasingly crossed the consumer finance. Their prices tend to reflect media attention and overhaul rather than technical fundamentals.
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