Kanye West, also known as Ye, has launched his own memecoin called YZE, joining a growing list of celebrity-backed cryptocurrencies. The coin’s price surged almost 1,000% within minutes of its release, briefly reaching a market capitalization of $3 billion before settling around $1.5 billion, according to CoinGecko.
The launch comes amid a broader cryptocurrency boom, with the total value of the global crypto market rising to $4 trillion. Bitcoin and other major cryptocurrencies have seen significant gains, partly driven by increased attention from figures such as Donald Trump and Wall Street investors.
YZE is built on the Solana blockchain and is part of the Yeezy Money project, which includes a payment processor called Ye Pay and a YZY card that allows spending of YZE and the stablecoin USDC. The project describes itself as a way to give users control, “free from centralized authority.”
West, who faced financial setbacks after being dropped by sponsors and banks, said in a video posted to X that the official Yeezy token had just launched. He previously expressed support for cryptocurrency, calling its developers “geniuses” for shaping new financial and technological frontiers.
Celebrity memecoins have a history of volatility. Donald Trump’s coin, launched earlier this year, saw its market value peak near $9 billion before falling to $1.7 billion. Similarly, other high-profile memecoins have experienced rapid rises and sharp declines, highlighting the speculative nature of the market.
Analysts note that memecoins often reflect trends in popular culture or the influence of their creators rather than traditional market fundamentals.
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