Rapper Kanye West’s newly launched Yzy token in Solana has raised up to $ 3 billion worth only 40 minutes after its launch, but concerns over insider sales have dated a large portion of the gains.
On a Thursday x PostWest, who officially passed you, shared a contract address along with the website for Yeezy Money, which he described as “a new economy, built into the chain.”
The website describes Yzy as a currency in power transactions within the “Yzy Money,” A “financial system developed on crypto metals.”
Later PostWest saw saying, “The official Yzy token just fell.”
Within 40 minutes, the yzy token hits a market capitalization of $ 3 billionBut it fell to nearly $ 1.05 billion at the time of writing, according to Nansen’s data analytics platform.
In Website’s Fine print, noted that the token is not available to creatures in jurisdiction restrictions. It also warns users about the risks associated with digital assets, including a “potential for complete loss.”
A user shared a Screenshot Where the West warned users in February who were asked to promote a fake money for $ 2 million, which would join him in carrying out his account -hacked after the token was promoted.
At the time of writing, the West net value is approximately $ 400 million, According to In Forbes.
Observers point out the trading of the insider
The Yeezy Money’s website said it has assigned 25 contract addresses for the Yzy token, with a selected random to be the official token to discourage token snipers.
However, the launch of the Yzy token has raised suspicions of insider trading, similar to other popular Memecoins.
Onchain analytics platform lookonchain Says Those are the only Yzy tokens added to the pool of liquidity, which means that the developers can sell the tokens at any time they liked by changing pool liquidity.
Conor Grogan, a director at Coinbase, taught At least 94% of the token supply is held by the insider, with a single multisig wallet holding 87% of the supply before it is distributed in many purses.
A user who is said to be knowledgeable in the insider is mistaken to buy the wrong token, which causes them to lose $ 710,000;;;;;;;;;;;;;;;;;;;;;;; However, they recovered their losses by buying the right token, lookonchain said.
Another user has benefited $ 3.4 millionPays $ 24,000 in Priority Fees on Solana Network to ensure that the transaction is processed as quickly as possible.
The Onchain lens noted that a creature to buy the token in advance will sit on a income of $ 6 million When the token sank.
Crypto whales, merchants still buy
Despite the concerns, many well -known crypto entrepreneurs said they bought the token.
Businessman James Wynn said whales are likely to be attracted to the token because of its liquidity and volume.
Wynn said it was a short-term play, and he was looking for double or quadruple the amount he poured into the token. The businessman mentioned President Donald Trump’s eponymous memecoin quadrupled for 28 hours as his reason behind the investment.
“Aped $ yzy on a 60% pull back. $ Trump run from $ 4bn to $ 15bn in 28 hours. 4x” Wynn mentioned.
Bitmex co-founder Arthur Hayes also appears to buy the token.
Celebrity tokens had a mix -a track record
Celebrity Mememcoins have gained a lot of attention this year, with the support of Argentina President Javier Milei of Libra token seen as one of the more controversial.
Related: Mixed-martial arts champion Conor McGregor launches token
In February, the President of Argentine Shared Libra token with xwhich caused the token to sink in a market capitalization of $ 4 billion; However, he removed the posting hours after facing the backlash from the community, which brought the price of the token to fall.
The incident caused anger, which many callers for strict Restrictions that can be placed in memecoins that are promoted by politicians.
Earlier this year, US President Donald Trump launched the Trump Memecoin leads his inauguration by the president.
Magazine: Bitcoin’s Long-Term Security Budget Budget: The upcoming crisis or FUD?
