Michaela
Summary: What happened when Kanye West launched the YZY token?
Kanye West debuted the YZY token on the Solana blockchain, and it initially surged to a $3 billion market capitalization. Early insider sales caused most of those gains to vanish, and the token later fell to around $103 million. The majority of YZY tokens were concentrated among insiders, with one wallet holding 87% of the total supply.
Grammy-winning rapper Kanye West, also known as Ye, has debuted the YZY token on the Solana blockchain. The token surged to a market capitalization of over $3 billion soon after launch, but early insider sales eroded much of those gains, and its value has since declined.
“YEEZY MONEY IS HERE,” West posted on X, unveiling his new token and providing both the contract address and the Yeezy Money website, which he described as a fully on-chain “new economy.”
Analytics platform Nansen reports that the YZY token surged to a market capitalization of $3 billion before falling to around $103 million at the time of reporting.
In a follow-up post on X, West shared a four-second video declaring, “the official YZY token just dropped.” The post included a community note from X users emphasizing that Mikey Shelton, a developer involved with the token, had reportedly boasted about engaging in insider trading on his Instagram account.
According to Conor Grogan, a Coinbase director, the vast majority of YZY tokens were concentrated among insiders, with one multisignature wallet alone containing 87% of the total supply before it was spread across other accounts, leaving insiders in control of roughly 94% of the token.
West’s engagement with the crypto industry is not recent, and he has had a notable history with digital assets over time.
West’s initial brush with the crypto world dates back to 2014, when developers created Coinye West, a Litecoin-based token featuring his likeness. At the time, West distanced himself from the project, issuing a cease-and-desist letter that ultimately led to the coin’s shutdown following legal action.
West’s engagement with the crypto industry escalated in February 2025, when he began connecting with prominent figures in the space and hinted at launching his own cryptocurrency, amid a series of controversial public statements in which he referred to himself as a “Nazi.”
In a series of now-deleted posts, West outlined plans to launch his own cryptocurrency. Reports at the time indicated the token might debut on the Binance Smart Chain, fueled in part by the fact that West was following only a few select accounts on X, including former Binance CEO Changpeng Zhao (CZ).
As the YZY token enters the market, industry observers and crypto enthusiasts alike will be watching closely to see how it performs amid heightened scrutiny and a rapidly evolving digital asset landscape.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
