The post Kanye West’s YZY Coin Launch Turns Heads—But Are Insiders Pulling the Strings? appeared on BitcoinEthereumNews.com. Ye (Kanye West), an American rapper and entrepreneur, has officially launched his cryptocurrency, the YZY meme coin, on the Solana (SOL) blockchain. Notably, the token’s market cap briefly surged as high as $3 billion after launch. However, amid this highly anticipated launch, experts are raising concerns about insider trading and potential market manipulation. What Is The YZY Meme Coin? Ye announced the launch via a post on X (formerly Twitter). He also posted a video confirming the token’s release. Furthermore, the token has a website and an X account, which Ye follows. YZY Token Launch. Source: X/kanyewest The YZY Money project, as outlined on its website, aims to empower users by reducing centralized control.  “YZY Money is a concept to put you in control, free from centralized authority,” the website reads. It includes the YZY token, a crypto payments processor named Ye Pay, and a YZY Card for spending YZY and USDC. Moreover, the token has an anti-sniping mechanism.  The team has deployed 25 contract addresses, with one selected randomly as the official token. This 1-in-25 selection process is designed to deter speculative traders, redistributing power to legitimate market participants. The meme coin’s tokenomics or ‘YZYNOMICS’ outlines the following allocation: Public: 20% of the total supply is allocated to the public. Liquidity: 10% is earmarked for liquidity. Yeezy Investments LLC Allocation: 70% of the total supply is allocated to Yeezy Investments LLC, with varying vesting schedules and cliff periods ranging from 3 to 12 months. According to data from Solscan, the token’s current supply stands at 999.99 million, with 31,046 holders reported. Meanwhile, the launch comes after Ye had previously distanced himself from other YZY tokens circulating in the market. Earlier this year, he affirmed his intent to launch an official cryptocurrency, as reported by BeInCrypto. Insiders Profit Millions from… The post Kanye West’s YZY Coin Launch Turns Heads—But Are Insiders Pulling the Strings? appeared on BitcoinEthereumNews.com. Ye (Kanye West), an American rapper and entrepreneur, has officially launched his cryptocurrency, the YZY meme coin, on the Solana (SOL) blockchain. Notably, the token’s market cap briefly surged as high as $3 billion after launch. However, amid this highly anticipated launch, experts are raising concerns about insider trading and potential market manipulation. What Is The YZY Meme Coin? Ye announced the launch via a post on X (formerly Twitter). He also posted a video confirming the token’s release. Furthermore, the token has a website and an X account, which Ye follows. YZY Token Launch. Source: X/kanyewest The YZY Money project, as outlined on its website, aims to empower users by reducing centralized control.  “YZY Money is a concept to put you in control, free from centralized authority,” the website reads. It includes the YZY token, a crypto payments processor named Ye Pay, and a YZY Card for spending YZY and USDC. Moreover, the token has an anti-sniping mechanism.  The team has deployed 25 contract addresses, with one selected randomly as the official token. This 1-in-25 selection process is designed to deter speculative traders, redistributing power to legitimate market participants. The meme coin’s tokenomics or ‘YZYNOMICS’ outlines the following allocation: Public: 20% of the total supply is allocated to the public. Liquidity: 10% is earmarked for liquidity. Yeezy Investments LLC Allocation: 70% of the total supply is allocated to Yeezy Investments LLC, with varying vesting schedules and cliff periods ranging from 3 to 12 months. According to data from Solscan, the token’s current supply stands at 999.99 million, with 31,046 holders reported. Meanwhile, the launch comes after Ye had previously distanced himself from other YZY tokens circulating in the market. Earlier this year, he affirmed his intent to launch an official cryptocurrency, as reported by BeInCrypto. Insiders Profit Millions from…

Kanye West’s YZY Coin Launch Turns Heads—But Are Insiders Pulling the Strings?

Ye (Kanye West), an American rapper and entrepreneur, has officially launched his cryptocurrency, the YZY meme coin, on the Solana (SOL) blockchain. Notably, the token’s market cap briefly surged as high as $3 billion after launch.

However, amid this highly anticipated launch, experts are raising concerns about insider trading and potential market manipulation.

What Is The YZY Meme Coin?

Ye announced the launch via a post on X (formerly Twitter). He also posted a video confirming the token’s release. Furthermore, the token has a website and an X account, which Ye follows.

YZY Token LaunchYZY Token Launch. Source: X/kanyewest

The YZY Money project, as outlined on its website, aims to empower users by reducing centralized control. 

It includes the YZY token, a crypto payments processor named Ye Pay, and a YZY Card for spending YZY and USDC. Moreover, the token has an anti-sniping mechanism. 

The team has deployed 25 contract addresses, with one selected randomly as the official token. This 1-in-25 selection process is designed to deter speculative traders, redistributing power to legitimate market participants.

The meme coin’s tokenomics or ‘YZYNOMICS’ outlines the following allocation:

  • Public: 20% of the total supply is allocated to the public.
  • Liquidity: 10% is earmarked for liquidity.
  • Yeezy Investments LLC Allocation: 70% of the total supply is allocated to Yeezy Investments LLC, with varying vesting schedules and cliff periods ranging from 3 to 12 months.

According to data from Solscan, the token’s current supply stands at 999.99 million, with 31,046 holders reported. Meanwhile, the launch comes after Ye had previously distanced himself from other YZY tokens circulating in the market. Earlier this year, he affirmed his intent to launch an official cryptocurrency, as reported by BeInCrypto.

Insiders Profit Millions from YZY’s Launch—Is This Crypto Manipulation at Play? 

The YZY’s launch was accompanied by substantial volatility. According to Nansen data, the meme coin’s market capitalization surged from $200 million to a peak at $3 billion before adjusting to $1.37 billion at press time.

YZY Token Market CapYZY Token Market Cap. Source: Nansen

Notably, Hyperliquid has introduced leveraged trading for the YZY token, allowing users to take long or short positions with up to 3x leverage.

Nonetheless, the token launch has also attracted substantial scrutiny. Lookonchain, the blockchain analytics firm, suggested that insiders had prior knowledge of the YZY token launch. They prepared funds in advance and quickly bought the token as soon as it was launched.

The firm also highlighted that another trader (2DNb2C) had previously bought the wrong YZY token and lost $710,000.

Additionally, another insider invested 450,000 USDC to purchase 1.89 million YZY at $0.24 per token across two wallets. They then sold 1.59 million YZY for 3.37 million USDC for $2.12 per token.

The insider still holds 303,425 YZY (worth $510,000) and has a profit of over $3.4 million. Lookonchain noted that one of the wallets paid 129 SOL (equivalent to $24,000) in fees to secure priority access.

Compounding this, Solscan also showed a significant concentration, with the top 10 holders controlling 92.23% of the supply, raising centralization risks. 

In addition to the insider buying, Lookochain also raised concerns about the liquidity pool, which contains only YZY, potentially allowing developers to manipulate trades.

Lastly, Bubblemaps revealed that bad actors have launched fake tokens to scam investors.

Thus, while the project attracts attention, its long-term viability remains uncertain. It is important to exercise caution given the ongoing scrutiny of the token’s distribution and trading patterns.

The post Kanye West’s YZY Coin Launch Turns Heads—But Are Insiders Pulling the Strings? appeared first on BeInCrypto.

Source: https://beincrypto.com/kanye-west-yzy-token-launch/

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