Kanye-Linked Memecoin YZY Money Takes Crypto Twitter by Storm

YZY Money, a Solana-based memecoin tied to Ye (formerly Kanye West), debuted Thursday with massive hype, soaring nearly 6,800% before falling under $1. The launch has predictably marred by concerns over insider trading.

What’s the Scoop?

• Flash Rally: YZY briefly hit $3.16 in early trading, pushing its market cap near $3B before collapsing over 70% to below $1.
• Insider Wallets Flagged: On-chain trackers identified wallets with early access to the contract, including one that pocketed over $1.5M in quick profits.
• Uneven Token Allocation: Distribution apparently gave 70% of supply to Ye’s company, with only 20% available to the public — a setup critics say puts retail traders at a disadvantage.
• Fake Liquidity: The token launched with a single-sided pool, a structure that only requires memecoins as initial liquidity which allows the deployer to accumulate and pull cash profits at will.

Bankless Take:

Like many other celebrity coins, YZY Money is promising big developments and profound utility in the coming days. Until devs deliver, however, you're safest avoiding this token like the plague considering the dismal performance record of similar celebrity tokens.