Kanye West YZY memecoin hits $3B, but falls after insider concerns

Several well-known traders have also bought the newly launched token promoted by rapper Kanye West, which pumped to over $3 but has since fallen back to $1.

Rapper Kanye West’s newly launched YZY token on Solana rocketed up to $3 billion in value just 40 minutes after its launch, but concerns over insider sales have dented a large portion of the gains. 

In a Thursday X post, West, who officially goes by Ye, shared the contract address along with the website for Yeezy Money, which he describes as “A NEW ECONOMY, BUILT ON CHAIN.”

The website describes YZY as a currency to power transactions within “YZY MONEY,” a ”financial system built on crypto rails.”

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