Kanye West Launches YZY Token Memecoin on Solana: Gains $3B Market Cap

The crypto world has taken a surprising twist with celebrity influence and blockchain innovation. The newest announcement suggests a new token launch named as YZY memecoin token that integrates financial instruments, meme culture, and a well-known name. Both investors and hobbyists are listening, and this news reaches both hype-driven markets and possible real-world applications.

Who is Kanye West?

Kanye West, who is widely known to have transformed music and fashion, has carved out a niche as a daring businessman. Amid the controversies, such as the public quarrels and brand boycotts. He is still a figure whose actions can influence markets, and any of his new projects is a matter of interest.

About Kanye West's “YZY” Memecoin and popularity

Kanye West has recently entered the crypto space as the YZY token memecoin was launched on the Solana blockchain. In a few hours, the token was said to have hit a market cap of above $3 billion due to hype and celebrity endorsement.

Nevertheless, the ownership is concentrated, with six addresses possessing over 90% of the supply, which indicates the risks related to market volatility. The FDV of the project has already decreased by $3.2 billion to approximately 2 billion, indicating premature distrust on the part of traders.

Source: Wu Blockchain X

Alongside the memecoin, the ecosystem introduces two financial tools:

• YE Pay (crypto payment processor)

• YZY Card (debit card solution)

These extensions imply a tactical shift toward functional utility, which seeks to incorporate crypto into daily transactions. Although YE Pay and Card have the potential to disrupt the established fintech giants, the fact that Solana has a history of network outages casts doubt on the ability of the system to support large-scale financial transactions.

Overall YZY Token Market

According to the data on the Meteora Pool, a team-related wallet contributed 30 million YZY tokens, which formed a significant resistance zone between $3.17 and $4.49.

This is in line with the Dynamic Bonding Curve model of Meteora, where liquidity is adjusted according to the price, which means that the team can potentially control the short-term market dynamics.

Short-term price pressure is suggested by technical indicators, such as bearish hourly MACD and oversold CRSI. These, together with the celebrity-induced volatility of the memecoin, make trading in the memecoin highly speculative.

Source: X

YZY Token Price

Today, the overall meme coin market cap stands at $73.4 billion, reflecting a 5.2% increase over the past 24 hours, with trading volume of $8.15 billion. Even though it's a trending coin, the  token, priced at $1.10, has seen a significant 56.87% decline in the last 24 hours, registering a market capitalization of $322.01 million and a total volume of $861.18 million, highlighting both the volatility and trading activity in the meme coin sector.

Source: CoinMarketCap

Will Kanye West's “YZY” Memecoin Project Succeed ?

The success of the project is questionable. Kanye has already shown his reluctance to issue a coin because of hype and boycotts in 2024, meaning he is not that bold when it comes to financial activities.

However, his recent action shows that he wants to be independent and seek other sources of revenue, with the SEC investigating meme coins. It is yet to be seen whether this will be able to develop into something more than a celebrity-based pump to a utility-based token.