Kanye West Launched Solana-Based Memecoin, Which Surged Before Tanking
According to Nansen, a blockchain analytics firm, Kanye West’s memecoin, Yzy, experienced a remarkable rise, reaching a market capitalization of $3 billion within just 40 minutes of its debut on the Solana blockchain. However, this surge didn’t last long, as the market cap fell by over $1 billion just 40 minutes later.
Wallets in the top 500 collectively saw a profit of $50.4 million against a loss of $21.4 million. The biggest profit recorded was $3 million, while the largest loss hit $1.3 million, as per Nansen’s findings.
The token, which is part of a broader ecosystem referred to as “Yeezy Money,” is described on the website as aimed at creating “a new economy built on a chain.” This ecosystem includes services like YE Pay, a crypto payment processor, and Yzy Card, which facilitates spending with Yzy and USDC at millions of merchants worldwide.
Token distribution—or “Yzynomics”—reportedly allocates 20% for general use, 10% for liquidity, with the remainder going to Yeezy Investments LLC.
Amid rumors of insider trading, a recent post linked to the tokens raised eyebrows. Arthur Hayes, co-founder of Bitmex, appeared to have bought the token, later posting a lighthearted message about the transaction.
Interestingly, Solana also hosts the $Trump token, which previously saw a significant drop of 21% last month. Nansen noted that while $Trump hit a $29.5 billion volume in its first day, $yzy has significantly lagged with a current volume of $724 million.
In other news regarding Solana:
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In the last 24 hours, Solana’s value has increased by 3%, but it has struggled to stay above the $200 mark recently, suffering a 37% decline over the past week.
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Defi Development Corp. has made headlines by acquiring 110,000 Sol for $22 million, bringing its total holdings to 1,420,173 SOL and similar assets.
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Sol Strategies announced that it possesses 400,909 Sol in its treasury, stating that their validators generate SOL revenue daily, which they plan to reinvest for growth rather than diluting shareholder value.
Lastly, a French real estate platform, Acheter-Louer, received Solana Pivot through its subsidiary, and currently holds 711 Sol along with 14,905 Sol.
