According to a Forbes article, the memecoin jumped over 1,000% shortly after launch and reached a market capitalization of $3 billion, before crashing to below $1 billion.
Controversial rapper Kanye West, now known as Ye, launched his memecoin called YZY based on the Solana Blockchain.
According to a Forbes article, the memecoin jumped over 1,000% shortly after launch and reached a market capitalization of $3 billion, before crashing to below $1 billion. “The official Yeezy token just dropped,” West said in a video posted on X, followed by a link to Yeezy Money, which was described on the website as a “concept to put you in control, free from centralized authority.”
According to the digital token’s website, the YZY coin is the centerpiece of the Yeezy ecosystem, enabling users to purchase Yeezy products with it. He also unveiled YE Pay, a crypto payment processor, and the YZY Card, a debit card that would introduce West’s fans to the crypto world.
Memecoins, including cryptocurrencies like Donald Trump’s, are conceptualized around a specific joke, idea, or cultural phenomenon. Their value is often derived from the popularity of the underlying “meme.”
Dogecoin, one of the oldest memecoins, is still a top-ten cryptocurrency by market capitalization, and valued at $33 billion compared with bitcoin’s $2.2 trillion. However, Trump’s own coin’s market valuation has plunged since soaring to above $27 billion.
Cryptocurrency prices have surged this year following Trump’s swearing in as President for the second time. Trump has dubbed himself as a crypto-friendly president, and his Republican allies in Congress have swiftly moved legislation, such as the stablecoin bill, to provide a regulatory framework for coins pegged 1:1 with the U.S. dollar.
Bitcoin prices have gained nearly 22% this year.
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