Kanye West’s official Solana meme coin, YZY, has fallen nearly 81% from its peak following claims that his Instagram account was hacked to promote a fraudulent YZY token. At its highest, the impersonating token reached a market cap of $7 million, but it has since plummeted to around $160,000. West announced the hack via social media, emphasizing that the real YZY token is still active, despite losing substantial value since its launch. The genuine YZY token initially surged to a market cap of $3 billion but has now settled at approximately $73.5 million. The issues surrounding the fake token and the subsequent loss in value of the original have drawn attention within the crypto community, especially as West attempts to clarify the status and security of his branding in the cryptocurrency market.

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