Kanye West (Ye) announced a YZY cryptocurrency on X, posting that "The official Yeezy token just dropped" in a video some users speculated was AI-generated. Traders drove the coin's paper value to $3 billion before it plunged by two-thirds within three hours as early investors cashed out. Trading volume exceeded $740 million, and blockchain analytics firm Nansen reports traders collectively lost more than $20 million. YZY is presented as part of YZY Money, a payments and debit-card concept claiming to free users from centralized authority. Tokenomics state 20% released, 10% pooled for trading, and 70% held by Yeezy Investments LLC locked for three months. Ownership and issuer control remain unclear.
As traders piled in, the coin's paper value surged to $3 billion, then plummeted by two-thirds in the span of three hours as early investors cashed out. Since the start of trading, investors have placed more than $740 million worth of trades. The majority of traders have recorded losses, collectively losing more than $20 million, says blockchain analytics company Nansen.
According to the website, 20 percent of the YZY supply has been released, 10 percent has been pooled on exchanges to allow for smooth trading, while the remaining 70 percent is held by Yeezy Investments LLC. The company cannot gain access to those coins for at least three months, a common practice meant to prevent issuers from dumping their holdings and sinking the price of a coin.
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