Ye, formerly known as Kanye West, has entered the crypto world.

What To Know About $YZY

The “Ultralight Beam” rapper launched the $YZY token on the Solana blockchain platform and announced it on X. The token’s website describes it as a “concept for a new financial system, built on crypto rails.” On X, Ye also refers to the $YZY token as “Yeezy Money.”

“YEEZY MONEY IS HERE. A NEW ECONOMY, BUILT ON CHAIN,” he wrote on X.

Photo Credit: X

Upon its launch, the token, described by Forbes as a “memecoin,” sent people into a frenzy. Within 40 minutes, the coin reached a $3 billion market capitalization at its peak before moving to $1.1 billion, according to Forbes and information shared with AFROTECH™. It was also noted that the coin increased by nearly 1,000% upon its launch. CoinDesk reports the token’s price has now fallen below $1.

Nansen, an on-chain analytics firm, said early buyers have reported millions in wins and losses within hours of trading. According to the top 500 wallets (realized), there were +$50.4 million profits and —$21.4 million losses, and additionally, 62,465 wallets traded. Some of the biggest holders so far include:

  • KING
  • 0xRiver
  • xPeaceLandBread

Crypto Boom

Forbes notes that the token launch comes amid a bitcoin and crypto boom, which led to a combined crypto market of $4 trillion. Wall Street and President Donald Trump are listed as contributing factors to the boost.

Trump released a memecoin called $TRUMP on Jan. 17, just three days before assuming office, notes Nasdaq. The coin reportedly launched for nearly $1.20 per coin, soaring after Trump’s endorsement of the coin, per CoinMarketCap.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to gettrumpmemes.com/ — Have Fun,” President Trump wrote on X in a post that has been viewed 111.6 million times (at the time of this writing).

Reuters said the coin’s overall market value reached $14.5 billion by Jan. 19 before declining. It also states that the $TRUMP token earned between $86 million and $100 million in trading fees by Jan. 30.

According to information shared with AFROTECH™, $YZY’s public figure exposure and volume are smaller than $TRUMP’s.