A Kanye West-themed token hit a $120 million market cap on Tuesday after the eccentric rapper adopted an X account known as “YZY MONEY” and sparked rumors of a “billion market cap token” launch.
Sadly for one dealer who plowed $750,000 into the unrelated Pump Enjoyable-based “YZY,” it promptly dropped again to $7.5 million simply seconds later, costing them an estimated $500,000.
Regardless of no token announcement or tackle, West following the YZY MONEY account brought about one thing of a frenzy amongst hopeful merchants who duly piled into an assortment of “YZE”-themed tokens.
Proper on cue, crypto analyst Bubblemaps cautioned that scammers are “already bundling fake $YZY tokens” and warned customers to not fall for them.
The sudden pump and dump of a YZE-themed token on Pump Enjoyable.
The crypto group has been feverishly hyping up the concept of a Kanye West-backed token for a while. Certainly, again in February, customers have been pleading for him to launch a crypto throughout certainly one of his controversial posting sprees, the place he praised Hitler and Andrew Tate.
The catalyst for crypto customers was a submit from West that learn, “WHEN PEOPLE MAKE ALL THAT MONEY WITH A COIN IS THAT CASH OR CONCEPT🤔”
The YZY MONEY account is the one account adopted by West’s X account.
An imminent “billion market cap token” launch will surely be coming on the proper time for West. In keeping with the US SUN, West has been promoting his Los Angeles properties resulting from him being “strapped for cash” because of unpaid taxes and pending lawsuits.
His line of Yeezy merch that includes swastika designs was shuttered by Shopify final February and West complained that Shopify was withholding $4 million from him.
He claimed this 12 months that his web value was round $2.77 billion, primarily based on estimates from Eton Enterprise Service that valued his music portfolio.
Different estimates, nonetheless, say West’s web value is nearer to $350 million after Adidas, and different main manufacturers, ended their partnerships with the rapper.
