Kanye West launched YZY Token on Solana? The market capitalization of 2 billion dollars has sparked authenticity controversy.

American hip-hop superstar Ye (Kanye West) posted on X (formerly Twitter) on Wednesday, announcing the launch of a Solana crypto asset called Yeezy Money (YZY), which he referred to as a "new economy built on-chain." The market capitalization of the token is reportedly already at $2 billion, but as soon as the news broke, the community immediately fell into fierce debates about its legitimacy.

YZY Crypto Assets Debut

Kanye West's post on X stated: "Yeezy Money is here... a new economy built on-chain." The post included a suspected crypto assets address and a link to a website that allows users to buy, sell, and transfer.

According to GMGN.Ai data, the market capitalization of YZY Token is currently around 2 billion USD, indicating that there has been a significant amount of trading activity in the market.

YZY Ecosystem and Official Statement

The YZY official website claims that the concept of the Token is "to give you control over everything, freeing you from centralized authority." Its ecosystem includes:

Ye Pay: A crypto assets payment processor that allows merchants to accept credit card and crypto payments at low fees.

YZY Credit Card: A spending tool integrated with encryption payments.

However, the website also emphasized in its statement that YZY is an "expression of support and participation" for the concept represented by the symbol, rather than an investment opportunity.

A major turnaround in stance?

If the news is true, this will mark a significant shift in Kanye West's stance on memecoins. In February of this year, he publicly stated that he would not issue any memecoins, criticizing such tokens for "attracting fans through hype."

Earlier, he also revealed that someone had attempted to buy him off for 2 million dollars to promote a counterfeit "Ye Token" on social media.

Community Concerns and Possible Legitimacy Signs

After the news was released, many users on X suspected that Kanye West's account had been hacked, questioning whether this was a case of crypto fraud. However, there are signs that the project may be legitimate:

Kanye West's official website and online store have listed YZY as a potential payment option.

The official promotion and brand image are consistent with Kanye West's recent business moves.

Real Coin or Scam?

Currently, the authenticity of YZY is still to be confirmed. If true, this would be Kanye West's first official foray into the Crypto Assets market, and it could become one of the most notable celebrity Tokens in the Solana ecosystem.

However, considering the controversies and fraud cases of celebrity encryption projects in the past, investors should carefully assess before participating and pay attention to further official statements and third-party verifications.

Conclusion

Kanye West's YZY Solana coin has burst onto the scene, with a market capitalization reportedly reaching $2 billion, but its legitimacy and long-term value remain uncertain. This event serves as a reminder to the market: in the world of Crypto Assets, even with celebrity endorsements, it is essential to verify the authenticity of information to avoid falling into the traps behind high-profile promotions. For more real-time Crypto Assets news and market analysis, please follow the official Gate platform.