About Kanye Coin YZY: Information and Concerns
This is another breaking point, or is it another "Milly"?
Today, renowned rapper and influencer Kanye West announced the launch of YZY MONEY and the YZY token on social media.
After Kanye West's official account tweeted the $YZY contract address, the $YZY token briefly surpassed a $30 billion market cap within half an hour, but then began to decline, currently sitting at around $17 billion.
Tokenomics
According to information on the YZY MONEY official website introduced by Kanye West, the YZY tokenomics are as follows:
· Public Distribution: 20%
· Liquidity Pool: 10%
· Yeezy Investments LLC (Issuer): 30% (locked for 3 months, released linearly over 24 months)
· Team: 20% (locked for 6 months, released linearly over 24 months)
· Ecosystem Development Fund: 20% (locked for 12 months, released linearly over 24 months)
Ye Pay and YZY Card
In addition, along with the YZY token, "Ye Pay" and "YZY Card" have also been introduced. According to information on the YZY MONEY official website, "Ye Pay" is a cryptocurrency payment processor that enables merchants to accept credit card and cryptocurrency payments with fees lower than the typical 3.5% charged by traditional platforms. Merchants can seamlessly integrate Ye Pay into their websites or applications to provide consumers with a simple and fast checkout experience.
Currently, yeezy.com has already started supporting cryptocurrency payments, with the option to pay directly using $YZY showing as "COMING SOON."
The "YZY Card" is designed for the use of YZY and USDC at millions of merchants globally through a debit card. It is a non-custodial card that allows direct use of cryptocurrency without manually converting to fiat or relying on intermediaries. Currently, you can submit your email address on the YZY MONEY website to join the waitlist.
Insider Suspicion and Concentration of Chips
Lookonchain posted on social media that although Kanye West announced the launch of YZY, currently only YZY has been added to the liquidity pool, not USDC. Developers can sell YZY by adding/removing liquidity, similar to LIBRA.
Multiple insider wallets preloaded funds and immediately bought YZY after the announcement. Insider wallet 6MNWV8 had early knowledge of the contract address and even attempted to purchase yesterday.
6MNWV8 today spent 450,611 USDC to buy 1.29 million YZY at a price of $0.35 and sold 1.04 million YZY at a price of $1.39 million, leaving 249,907 YZY (approximately $600,000) with profits exceeding $1.5 million.
Two days ago, as Kanye West's official account followed @YZY_MNY, the market had already begun to speculate on Kanye West's token launch. A token called $YzY deployed in February of this year saw its market cap surge from over $5 million on August 19 to nearly $15 million, with a single large buy of 4207.9 SOL (approximately $767,000).
However, according to information from the YZY Money official website, to prevent front-running, they deployed 25 YZY contract addresses and randomly chose one as the final announcement address. They claimed, "This will reduce the probability of choosing the correct CA to 1/25, preventing sniper attacks and returning power to genuine traders."
Coinbase executive Conor Grogan posted on social media, "I estimate that at least 94% of YZY tokens are held by insiders; 87% of tokens are held by a single multisig wallet (now distributed to multiple wallets); over 3% of tokens were bought at market open by multiple (pre-prepared) wallets through single large transactions; over 7% of tokens are in the liquidity pool."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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