YZY Mania: Ye’s Solana Memecoin Hits ~$3B in 40 Minutes—Then Craters on Insider Alarms
🔑 Key Takeaways Ye (formerly Kanye West) launched “YZY” on Solana; market cap spiked to ≈$3B within ~40 minutes before plunging shortly after. ( CMC Academy ) Price collapsed 60–75% within hours , with retail losses >$20M reported by analytics firms. ( WIRED ; Cointelegraph ) On-chain data indicated extreme insider concentration —at least 94% of supply held by insiders at launch; a single multisig initially controlled ~87%. ( CryptoBasic ; BitDegree ) image from getty imagebank 🗞 Main Story Ye stunned crypto by unveiling “YZY Money” , a Solana-based memecoin/payment concept tied to his broader brand. Trading exploded on launch— YZY’s fully-diluted market cap touched ≈$3B in ~40 minutes —before plunging by about two-thirds within hours. Analytics firm Nansen and others tallied retail losses exceeding $20M amid the whipsaw. As CryptoQuibbler observes, celebrity tokens combine instant demand with skewed tokenomics —a setup that often amplifies bo...