Kanye’s YZY Crypto Hits $3B Before Insider Sell-Off 👀
@kanyewest, now known as Ye, announced the launch of Yeezy Money (YZY), a Solana-based cryptocurrency, claiming it represents a new decentralized economy.
> The token briefly hit a $3B market cap within 40 minutes before falling back near $1B.
> West’s website and store list YZY as a payment option.
> However, suspicions of insider trading quickly surfaced.
> Analytics firms revealed that over 90% of the supply was held by insiders, with one wallet initially controlling 87%.
> Despite concerns, several whales and high-profile traders, including Arthur Hayes, have bought in.
Read More Here:
13.01K
2
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.