Kanye has stated that he would not issue a coin to deceive his fans.
Written by: Umbrella, Deep Tide TechFlow
This morning, a tweet from Kanye West caused a stir in the crypto market.
The legendary singer Kanye, who had previously claimed multiple times that he would issue a Meme coin, finally announced the contract address for the YZY token on Twitter.
This news quickly spread in the market, with the token holding address surging to 28,200 in just forty minutes.
Perhaps to dispel public doubts about "account hacking," Kanye subsequently released a "verification video" to prove that this is indeed his issued Meme coin, although its status seems somewhat "ambiguous."
Alongside the YZY token, the YZY Money official website was also launched. According to the website, YZY Money aims to combat centralized power. The site also showcases two projects based on the YZY ecosystem: YZY Pay and YZY Card, corresponding to the currently popular fields of crypto payments and cryptocurrency debit cards.
YZY Pay is described as a cryptocurrency payment processor that merchants can integrate into their websites or apps, providing consumers with a simple and fast payment experience while enjoying lower fees compared to traditional payment channels. YZY Card is a cryptocurrency debit card that supports deposits in YZY, USDT, and USDC, allowing users to pay directly with the cryptocurrency in their card without going through intermediaries.
Currently, the option for YZY payments has also been launched on the official website of Kanye's brand Yeezy.
After Kanye's tweet, the price of the YZY token surged to $3.43 before falling back to $1.80 within half an hour.
According to HTX market information, the explosive popularity of the YZY token has caused a "liquidity drain" on mainstream cryptocurrencies, leading to a temporary drop in major coins.
Kanye's YZY is hard not to remind people of the Trump Meme coin from earlier this year, which was also a "celebrity coin," similarly clarified by the celebrity after facing doubts, and also had a draining effect on mainstream coins. Interestingly, both have participated in U.S. presidential campaigns.
However, compared to the rapid FOMO and support that Trump received, YZY has been plagued by insider trading, pump-and-dump schemes, and a series of negative information since its launch.
According to information on the YZY Money official website, to prevent "sniping," the team deployed 25 YZY contract addresses and randomly selected one as the final announced verification address, reducing the probability of selecting the correct CA in advance to 4%.
The market does not accept this anti-sniping method from the YZY team, mocking it as clownish.
On the other hand, Coinbase executive Conor Grogan stated on social media: "I estimate that at least 94% of YZY tokens are held by insiders; 87% of the tokens are held by a single multi-signature wallet (which has now been dispersed to multiple wallets); over 3% of tokens were purchased at market opening by multiple (pre-prepared) wallets through single large transactions; over 7% of tokens are in the liquidity pool."
On-chain buying records show that the insider wallet 6MNWV8 even attempted to purchase yesterday and bought 1.29 million YZY tokens at $0.35 when Kanye announced it today, clearing about 80% of its holdings at $1.39, making a profit of over $1.5 million.
In addition, two insider wallets purchased 1.89 million YZY tokens at $0.24 and then sold 84% of their holdings at $2.12, making a profit of $1.47 million.
A series of messages seem to point to a common conclusion — this token issuance is a collaboration between the crypto team and Kanye to monetize and profit from Kanye's fame and influence.
Crypto KOL scooter also expressed the belief that Hayden Davis, the issuer of the "Argentinian presidential coin" Libra, which previously harvested countless crypto investors, is also involved in this YZY token issuance, with both models being highly similar.
Coincidentally, just five hours before Kanye announced the YZY release, a U.S. judge announced the lifting of the freeze on $57.6 million in Libra tokens, one of which is controlled by Hayden Davis.
Outside the crypto circle, Kanye West has attracted many fans with his outstanding musical works and occasional "performance art." Throughout, Kanye has left fans with an impression of "non-compromise and rebellion."
Dramatically, after the explosive popularity of the Trump token earlier this year, during the "celebrity coin issuance season," Kanye claimed that a coin issuance team contacted him, offering $2 million for him to issue a Meme coin, but he rejected the proposal, stating that he would not issue a coin to deceive his fans.
Yet, less than half a month after this news, Kanye announced the upcoming issuance of the YZY token, provoking strong dissatisfaction in the market.
As of now, the price of the YZY token has fallen below $1.10, with countless crypto investors chasing trends being trapped and passively becoming Kanye's "fans." Polymarket has also opened a betting section for the YZY token, while the market's FOMO sentiment has gradually turned into insults and ridicule towards Kanye.
At this point, based on the currently leaked information and market discussions, Kanye, who has often stood at the center of public opinion in the entertainment industry, is once again at the forefront of public opinion in the crypto space.
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