Kanye WestOn Solana Blockchain Yzy Money In short, he made a new crypto money called Yzy. After the announcement, the market value of the crypto currency rose to $ 3 billion in about 40 minutes. The price jumped 6,800 percent and saw $ 2,10 and retreated with snow sales. Interest in crypto money has increased rapidly with West’s social media posts and a $ 20,000 launch prize pool. With this Yzy Coin At the time of preparing the news, it is traded for $ 0.9890 with a decrease of 60 percent.
Centralization and liquidity structure brought collapse
West, Yzy Yezy He announced that the fashion brand will position it as a payment method in the online store. However, 70 percent of the total supply remained under the control of YE caused concerns of centralization and price volatility. Another point that deepened the debate was the pool architecture of crypto money. In -Blockchain analysts, only Yzy is added to the liquidity pool, USDC He said that there is no matching with a stablecoin. This fiction caused developers to intervene in the pool to sell at high price and open the door to sudden loss of value.
On the other hand, Blockchain Researcher Lookonchainearly purchases and millions of dollars profit exit wallets detected. Only one wallet reportedly converted $ 450,000 to about $ 1.5 million. Coinbase director Conor Grogan In the first distribution of 94 percent of the supply in the hands of the wallets in the hands, one many signed wallets kept 87 percent of the supply stressed.
Crypto coins associated with famous names are at risk
The discussion surrounding Yzy Coin reminded of crypto currency cases associated with previous famous names. Argentina President JAvier MileiIntroduced LIBRA, after reaching a market value of $ 4 billion, and attracted great reaction. US President Donald TrumpThe crypto currency called Trump also caused heated debates during the year. Since the crypto currency summit, it has erased more than $ 7 billion of the market value.
Youtuber Logan PaulThe Cryptozoo project, which the market in 2021 continued in 2021, came to the fore with the charges of “Rugpull”. Paul began partial repayments in 2024. Nevertheless, cases regarding fraud allegations have not been concluded. When Yzy’s quick output and the following harsh decline are read with these past examples, the effects of the famous effect on the market make it debatable.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
