Kanye West’s Memcoin Turned Out to Be of No Use to Anyone and Has Become Much Cheaper
On August 21, American rapper with a dubious reputation Kanye West announced the release online Solana (SOL) of YZY MONEY (YZY) native memecoin.
The website of the cryptocurrency, whose name means “Easy Money” in English, states that the digital asset is not subject to control by any central authority and is a people’s currency that can be used as a means of payment.
However, this concept is undermined by information published on the same portal, according to which 70% of YZY tokens are owned by investors in the Yeezy Investments company, which created the cryptocurrency. 10% of the coins are kept in a fund to ensure liquidity, and only 20% circulate freely. Thus, YZY MONEY is highly centralized, and the rate of the digital asset can be easily manipulated.
Moreover, judging by the dynamics of YZY price changes, so far token brought easy money only to West himself. At the start of trading at 05:25 Moscow time, the YZY rate reached $2,8, and by 08:45 its value dropped to $1,04. Accordingly, the coins fell in price by 62% in a matter of hours, and people who dared to buy them at the start suffered huge losses.
YZY MONEY Price Drop
It is also noteworthy that at the peak of the rate, the capitalization level of YZY exceeded $3 billion, and now the value of issued memecoins is estimated at only $1,04 billion. Considering the fiasco that kriptovalyuta suffered at the beginning of her journey, it becomes obvious that it will be difficult for her to get out of the hole.
