• Kanye West has officially launched his memecoin project on the Solana ecosystem.
• The rapper has come out to claim that the token is the new economy built on-chain after months of debunking a crypto project that was aimed at exploiting his community. 

Popular American rapper and entertainment mogul Kanye West, well known as Ye, has officially launched his first Solana-based memecoin. The rapper announced the launch of his token on his X account, and within a few hours of launch, the token hit a $3 billion market cap. However, this success didn’t last for too long, as the token quickly faced a massive sell-off, sparking insider rumors.

Kanye West Memecoin Launch 

Earlier in February, Tronweekly recorded Kanye West’s decision to refuse a memecoin crypto scam deal. According to the report, the American rapper came out to share that $2 million was offered to him so he could promote a fake memecoin project to his community.

He also explained that he was offered a $750,000 upfront payment and was asked to delete the post and claim it was a hack. As of that time, Kanye rejected the offer and plainly came out transparently to his community members. 

Also Read: Kanye West Declines $2million Crypto Scam Endorsement

All changed a few hours ago after Kanye West shared what he called the “new economy built on-chain.” With the February incident and a 2014 YE token launch, it could be said that the famous rapper doesn’t meddle in crypto affairs, causing many to wonder about the cause of this new launch. 

Earlier on the 21st of February, Kanye West launched his official memecoin project on the Solana ecosystem and called it YZY.

Hours after the token launched, investors and retail buyers pushed the price high, causing it to hit $3 billion in market cap. However, the token didn’t hold on to the momentum, as the price pulled back after a massive sell-off from early investors.

Insider Possible Involvement in Kanye West Token

Since the launch of the token, speculators have suspected possible insider movements considering the quick buys and sell-off. According to a post shared by Lookonchain, a wallet labelled as “6MNWV8” tried buying the token hours before it officially launched.

Source: Lookonchain (X)

Later on, the wallet succeeded in buying about 1.2 million worth of the token worth $450,000 and later on sold for $1.39 million, leaving about $600,000 worth of the token to run and a profit of over $1.5 million. This and many other suspicious trades did Lookonchain record.

But more importantly, data from Coinmarketcap highlighted that after the launch, the YZY reached a peak of $3.16 but quickly fell by more than 66% to $0.91 on the same day. And within the last 24 hours, the coin has lost over 54%, and its market cap has dropped by almost 50% from the top.

Also Read: Binance Coin (BNB) Price Soars, Hits Explosive $880 All-Time High