URGENT UPDATE: Rapper Ye, formerly known as Kanye West, has just launched the highly anticipated YZY Money token, triggering a staggering 814% surge to $1.86 within hours of the announcement. This unexpected move marks a significant shift for West, who only in February criticized meme coins, stating they “prey on fans with hype.”
The launch was announced via a post on X, where West proclaimed, “YEEZY MONEY IS HERE. A NEW ECONOMY, BUILT ON CHAIN.” This new token, based on the Solana blockchain, aims to create a comprehensive financial ecosystem, incorporating a native currency, a low-fee payment processor called Ye Pay, and the YZY Card for global spending of YZY and USDC.
Details of the Launch: The YZY Money token operates under a structured vesting schedule designed to ensure transparency and prevent typical celebrity token dump scenarios. Public allocation comprises 20% of the total supply, with another 20% allocated to liquidity. The company Yeezy Investments LLC retains 30%, subject to a three-month cliff followed by a 24-month vesting period. Additional allocations include tranches with six and twelve-month cliffs.
This launch coincides with a broader recovery in the cryptocurrency market, as Bitcoin (BTC/USD) trades at $114,093 and Solana (SOL/USD) sees a gain of 4.89% to $187.07. The sentiment in the market, as indicated by the Crypto Fear & Greed Index, has shifted from “Fear” to “Neutral,” suggesting a potential resurgence in investor confidence.
Market Impact: The introduction of YZY Money reflects a growing trend of celebrity involvement in cryptocurrency, despite some tokens, including those associated with former President Donald Trump and first lady Melania Trump, losing over 80% of their value since January. This dynamic raises questions about the sustainability of celebrity-backed cryptocurrencies and their impact on fans and investors.
As the YZY Money token gains traction, all eyes will be on its performance in the coming days. Investors and crypto enthusiasts are keen to see how this new venture will unfold and whether it can maintain its momentum in a recovering market.
Stay tuned for updates as this story develops.
