Famous rapper Kanye West has launched a meme coin called YZY on Solana, drawing massive attention but also raising serious doubts about its legitimacy.
West introduced the token on social media, calling it “Yeezy Money” and “a new economy on-chain,” sharing a contract address and purchase link. The project’s official website also unveiled a crypto payment processor named Ye Pay and a payment card tied to YZY. This move surprised many, as West had previously spoken out against meme coins earlier this year.
On-chain data showed that YZY briefly hit a $3 billion market cap before dropping to around $2 billion. A striking detail was that over 90% of the supply was concentrated in just six wallets. Experts warned this indicated heavy insider dominance, raising concerns about potential risks for retail investors.
Blockchain analysts further revealed that several insiders made millions by preemptively buying tokens before the public launch. While some speculated West’s account might have been hacked, the fact that both his official website and store listed YZY as a payment method suggests the project may indeed be legitimate.
