Kanye West launches YZY token on Solana

The YZY token, launched by rapper Kanye West on the Solana blockchain, reached a market capitalization of $3 billion just 40 minutes after launch, but later dropped below $1.1 billion, according to data from Nansen.

West, also known as Ye, announced on X the official contract address and the Yeezy Money website, described as a financial system built on blockchain infrastructure. The documentation specifies that the token is not available in restricted jurisdictions and warns about the risks associated with digital assets.

The launch attracted attention from several well-known traders but raised concerns about insider transactions. On-chain analysis by Lookonchain showed that 94% of the token supply was held by insiders, with a single multisig wallet initially controlling 87% of the supply.

Examples of quick profits include one investor making $3.4 million and another earning $6 million at the token’s peak value. However, the liquidity structure and distribution raise questions about the project’s transparency and sustainability.