Kanye West Launches YZY Meme Coin Hits $3 Billion Market Cap Before Sharp Drop

Kanye West, now known as Ye, has officially launched his meme coin, YZY Money, on the Solana blockchain, promoting it as a "new economy, built on chain" that aims to empower users free from centralized authority. The token experienced a dramatic market cap surge to $3 billion shortly after launch, fueled by celebrity endorsement and high trading volumes, but then faced a significant sell-off and price crash, with analysts citing factors like exchange delistings, liquidity issues, and insider movements. Ye retains a substantial portion of the token supply, which has raised concerns about potential risks and speculative volatility typical of celebrity-backed cryptocurrencies. Alongside YZY Money, Ye has introduced related crypto products including Ye Pay, a payment processor with lower fees, and the YZY Card, a non-custodial debit card designed for direct crypto use. The launch campaign spanned multiple platforms, including the Chinese social network Xiaohongshu, signaling a strategic effort to blend lifestyle branding with digital finance, though some uncertainty remains about the token's technical details and regulatory compliance. Overall, the project highlights the volatile nature of meme coins and the challenges of leveraging celebrity influence in the crypto market.