Kanye West has introduced his first cryptocurrency, the YZY token, on the Solana blockchain. Following its launch, YZY experienced a surge in market capitalization surpassing $3 billion within an hour, before rapidly falling below $1 billion. Framed as part of a broader 'YZY Money' ecosystem, the token is envisaged to serve as a part of a new financial system, with features like Ye Pay, aimed at reducing merchant fees, and the YZY Card for global spending. However, concerns have arisen over centralization, as data indicates that approximately 70% of the total one billion YZY tokens are held in a single wallet, raising questions about governance and distribution. Despite a 375% spike in value over the last 24 hours, the token's price has dropped to $0.99 shortly thereafter. YZY was quickly listed on several exchanges, solidifying its position as a major celebrity-linked cryptocurrency launch, surpassing previous launches like TRUMP and LIBRA.

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