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Hype Alone Isn’t Enough: YZY Token Crashes Amid Scam Allegations
Hype Alone Isn’t Enough: YZY Token Crashes Amid Scam Allegations
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BTCCSquare news:
Kanye West's YZY token experienced a meteoric rise and catastrophic fall within hours of its launch, highlighting the volatility and risks of influencer-driven memecoins. The token surged to a $410 million market cap before plummeting nearly 70%, with on-chain data revealing four wallets controlled 80% of the supply.
Crypto investigators raised red flags, pointing to deleted tweets where Ye allegedly rejected a $2 million promotion deal for a fake token. The episode has left retail investors reeling as insiders cashed out early, reinforcing skepticism about celebrity-backed crypto projects.
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