The coin climbed to a market worth of $3 billion inside 40 minutes of launch, however dropped again to about $1.05 billion, in response to Nansen.

The token was promoted by Ye on X, the place he posted the contract handle and linked to the Yeezy Cash web site. The location calls YZY “a new economy, built on chain” and presents it because the foreign money for transactions inside its system, “YZY Money”.

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The launch got here with a number of warnings. The web site says customers in restricted international locations can not entry it and highlights the chance of dropping all invested funds. In February, Ye had warned that he as soon as turned down $2 million to again a rip-off.

Builders used an uncommon setup by creating 25 contract addresses and randomly selecting one because the official token. The purpose was to make it tougher for bots to seize cash immediately at launch.

Nonetheless, Lookonchain reported that solely YZY tokens had been added to the liquidity pool, which suggests the group might alter provide and promote at will.

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$2.4B