Original｜Odaily Planet Daily (@OdailyChina)
No one expected that after nearly 5 months away, the globally renowned rap star Kanye West has returned! This time, instead of teasing with a post like before, he directly shared the token issuance website and an image with the token contract address in a tweet, effectively demonstrating how to "launch invisibly in the crypto circle."
The new coin YZY also lived up to expectations, with its market value soaring to over $3.2 billion within just a few hours, currently retreating to around $1.4 billion, with the token price temporarily reported at $1.45. Odaily Planet Daily will summarize this event and its related impacts in this article.
Kanye's Surprise: YZY Ignites Meme Coin Market Again, But Controversies Abound
At 9:53 AM today, Kanye announced the new token YZY on the X platform in a post. While many were still confirming whether Kanye had been hacked, he subsequently released a video on the X platform, appearing in person to explain — the official YZY token has been launched. As soon as the news broke, the market began to dance.
Crypto KOLs React: Some Cash In, Others Hold Back
When it comes to celebrity meme coins, the fastest responders are undoubtedly the crypto KOLs who have "settled on-chain."
After the new YZY token went live, crypto KOL DNF (@Ga__ke) quickly purchased 490 YZY tokens and posted "God" on the X platform.
Crypto KOL 0 xSun opted for a "quick in and out" strategy, buying 196 YZY tokens and then quickly selling about 250 tokens, making a profit of 11,000 USDT.
Meanwhile, Ansem, a well-known overseas crypto KOL who previously discussed cryptocurrencies with Kanye, chose to "hold back" — according to GMGN website information, Ansem's main wallet did not purchase YZY tokens.
As for the well-known trader James Wynn, who previously experienced "heaven and hell" by opening positions on Hyperliquid, he also posted that he had bought YZY and highly praised Kanye's token launch — "This could actually open the door for 'retail investors to kick off a bull market.' Let's wait and see."
BitMEX co-founder Arthur Hayes also joined in, posting that he hopes Kanye West won't "rug" him, suggesting he has already purchased YZY. Additionally, in the comments section of Kanye's token launch tweet, well-known entertainment streamer HongKongDoll and BAGS founder FINN also made appearances, with the former expressing a viewpoint similar to Arthur's; the latter believed that Kanye's token launch has brought about a new round of PVP battles.
Another focal point of discussion regarding Kanye's token launch is whether he is serious this time, or if it is just another celebrity coin that will be quickly abandoned after a profit.
Kanye Launches New Coin, Introduces New Products, Terms Hide Secrets
The above questions were quickly answered.
According to YZY MONEY (YZY) official website information, in addition to YZY MONEY, Kanye has also launched two other associated projects — Ye Pay and YZY Card. The former is a cryptocurrency payment processor that allows merchants to accept credit card and cryptocurrency payments, with fees lower than the typical 3.5% charged by traditional platforms. Merchants can seamlessly integrate Ye Pay into their websites or applications, providing consumers with a simple and fast checkout experience; the latter is a debit card used to spend YZY and USDC at millions of merchants worldwide, which is a non-custodial card that allows direct use of cryptocurrencies without manually converting to fiat or relying on intermediaries. YZY Card can be recharged with fiat or cryptocurrencies from any non-custodial wallet, supporting assets like YZY, USDC, and USDT. This way, Kanye's new coin successfully taps into the "PayFi" concept, appearing no longer as a purely meme coin without practical use cases, but as a "crypto project" with related products.
However, some have noticed other peculiarities in the official website information: according to YZY Money official documents, the terms include a "class action waiver," which states, "To the extent permitted by law, you agree not to initiate, join, or participate in any class action lawsuit regarding any claims, disputes, or controversies you may have against any protected party. You agree that the court may take injunctive relief to prevent such lawsuits or remove you from the lawsuit. You agree to pay any protected party's attorney fees and litigation costs incurred in seeking such relief." In other words, the YZY token first blocks retail investors from initiating class action lawsuits to protect their rights, similar to the tactics used by the former official meme coin TRUMP.
Currently, it is still difficult to conclude that "Kanye is genuinely trying to create a serious crypto project."
A Brief Discussion on the Ripple Effects of "Kanye's Token Launch": DEX and CEX Rush to List, LPs Already Profiting, Solana Performance Hits New Highs
After the launch of the new YZY token, aside from the crypto KOLs and retail investors who ignited on-chain trading, the fastest responders were undoubtedly numerous CEXs and DEXs.
CEXs Race Ahead, DEXs Follow
Less than half an hour after YZY officially launched, Moonshot was the first to announce the listing of YZY.
Subsequently, many CEXs followed suit: Gate Alpha, Bitget Spot, LBank, BitMart Discovery, BitMart Contracts, Gate Contracts, and others all listed YZY.
DEXs were not far behind: Hyperliquid quickly launched YZY/USDC perpetual contracts, supporting up to 3x leverage; meanwhile, due to the liquidity addition method for YZY being similar to the token LIBRA related to Argentine President Milei, according to relevant page information, the maximum liquidity pool TVL for YZY on Meteora once exceeded $200 million, and has now retreated to $120 million. Additionally, this LP pool has generated $9.85 million in fees.
Betting Platform Polymarket Opens YZY Section
After YZY's launch, the betting platform Polymarket quickly launched a YZY section, with topics including "Was Kanye's official account hacked?", "Will Hayden Davis go to jail this year?", and "Will YZY's FDV reach $10 billion before Friday?" As of the time of publication, the speculation that Kanye's account was hacked was only at 2%.
Solana Faces Another Major Test, Performance Shines
It is worth mentioning that just like in January this year when the TRUMP token was launched, the Solana network's performance faced a significant test and withstood the corresponding network impact. Kanye's launch of the YZY token once again brought Solana's performance to the forefront.
According to a post by Solana Floor, the real TPS (transactions per second, excluding voting transactions) of the Solana network reached 2300 during the YZY token release, setting a new historical high, indicating significant progress since the launch of the TRUMP token.
Conclusion: Is Kanye's New Coin an Insider Play?
In conclusion, based on the current performance of the YZY token, it is still difficult to hide the essence of an insider play.
According to Lookonchain monitoring, an insider spent 450,000 USDC to purchase 1.89 million YZY at a price of $0.24 through two wallets, then sold 1.59 million YZY at a price of $2.12, exchanging it for 3.37 million USDC; the address still holds over 303,000 YZY (worth $510,000), with profits exceeding $3.4 million (+760%). Additionally, to ensure they could enter first, one of the wallets even paid a priority fee of 129 SOL (worth $24,000).
Coinbase executive Conor Grogan also posted revealing that at least 94% of the new Kanye token is held internally, with 87% previously controlled by a single multi-signature wallet, which has now been distributed to multiple addresses; about 3% was bought in large amounts by multiple wallets at the opening, and 7% was used for the liquidity pool. This is clearly inconsistent with the information mentioned in the YZY token official website's token economic model, which states "20% public issuance, 30% belongs to the issuer and locked for 3 months."
Interestingly, perhaps due to the token issuance contract requiring Kanye to release related information "across all platforms," or perhaps the new YZY token is truly Kanye's own "labor of love," he even posted a video related to the token launch on the domestic social media platform Xiaohongshu, indicating that Kanye is indeed quite dedicated in this regard. As for the future performance of the YZY token price, we can only say it is left to fate.
Odaily Planet Daily reminds users that meme coins are highly volatile, please pay attention to the risks.
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