Kanye West's YZY token on Solana surged to $3 billion in market value shortly after its launch but has since dropped to approximately $1.05 billion amidst insider trading allegations. West, who now goes by Ye, announced the token as 'A NEW ECONOMY, BUILT ON CHAIN' via social media. Concerns arose when it was revealed that 94% of the token supply was controlled by insiders, including a single wallet that held 87% before distribution. Despite these issues, some prominent traders are still investing in the token, viewing it as a short-term opportunity. Observations about potential insider trading sparked skepticism similar to that seen with other celebrity memecoins. However, traders like James Wynn believe the high liquidity and past performance of similar tokens could still attract investors. One user profited substantially despite early mishaps, highlighting the volatility and risks associated with such investments.

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