Famous American rapper Kanye West, who previously made news that he would launch his own token and even partner with Binance founder CZ for this token, announced the launch of his Solana (SOL)-based token called “YZY”. The price of YZY experienced a meteoric rise in just a few hours, reaching an all-time high of $3.16. However, it quickly fell back to the $1 level. According to GMGN data, the token's market capitalization has surpassed $3 billion. The six largest holders collectively control 90.38% of the token's supply. “Yeezy Money is here… A new economy built on chains,” West X said in a post on his account. West also included an image showing YZY's address and a link to a website where people can buy, sell and send YZY. “YZY Money is a concept that aims to give you control without relying on a central authority,” the website states. In addition to the YZY token, the project's official website also features a crypto payment processor called YE Pay and a debit card tool called YZY Card. It was stated that 70% of YZY’s total supply will remain under Kanye West’s control, while the remaining 30% will be shared between liquidity (10%) and investors (20%). This mirrors the trends of other famous coins, such as the TRUMP memecoin, which has encouraged West to join the crypto world. Analysts Warn About AGI! While YZY has garnered significant interest, analysts have warned that its liquidity pool is built solely using its own token, rather than being backed by a stablecoin like USDC. This, they said, opens the door to potential price manipulation by developers in the future. Coinbase's Conor Grogan also warned that 94% of Kanye West's YZY token is held by insiders. Coinbase Director of Product Strategy Conor Grogan said in a post on X that he estimates that at least 94% of YZY, Kanye West's new Solana-based memecoin, is held by company insiders. According to Grogan, 87% of YZY was initially held in a single multi-signature wallet before being split across multiple addresses, more than 3% was purchased in a single transaction by prepared wallets at market open, and approximately 7% was added to liquidity pools (LPs). *This is not investment advice. Continue Reading: Famous American Rapper, Who Was Allegedly Involved in Partnership with Binance Founder CZ, Launches His Own Altcoin! But Analysts Warn!
