Some information and doubts about Kanye coin YZY

Author: Cookie

Today, the famous rapper and influencer Kanye West announced on social media the launch of YZY MONEY and the token YZY.

After Kayne West’s official Twitter account released the contract address for $YZY, $YZY briefly surpassed a market value of 3 billion dollars within half an hour, but then began to decline, currently with a market value of approximately 1.7 billion dollars.

Tokenomics

According to the information on the YZY MONEY official website launched by Kanye West, the YZY token economics are as follows:

· Public Offering: 20%

· Liquidity Pool: 10%

· Yeezy Investments LLC (Issuer): 30% (Locked for 3 months, released linearly over 24 months)

· Team: 20% (locked for 6 months, released linearly over 24 months)

· Ecosystem Development Fund: 20% (locked for 12 months, released linearly over 24 months)

Ye Pay and YZY Card

In addition, “Ye Pay” and “YZY Card” were launched alongside the YZY token. According to information from the YZY MONEY official website, “Ye Pay” is a cryptocurrency payment processor that allows merchants to accept credit card and cryptocurrency payments, with fees lower than the 3.5% typically charged by traditional platforms. Merchants can seamlessly integrate Ye Pay into their websites or applications, providing consumers with a simple and quick checkout experience.

Currently, yeezy.com supports cryptocurrency payments, and the option to pay directly with $YZY is also marked “COMING SOON.”

The “YZY Card” is a debit card used to spend YZY and USDC at millions of merchants worldwide. It is a non-custodial card that allows for direct use of cryptocurrencies without the need to manually convert to fiat or rely on intermediaries. Currently, you can submit your email address on the YZY MONEY website to join the waitlist.

Insider Suspicion and Concentration Risk

Lookonchain posted on social media that although Kanye West officially announced the launch of YZY, currently only YZY has been added to the liquidity pool, with no USDC. Developers can sell YZY by adding/removing liquidity, similar to LIBRA.

Multiple insider wallets prepared funds in advance and immediately bought YZY after the announcement was released. Insider wallet 6MNWV8 knew the contract address in advance and even tried to make a purchase yesterday.

6MNWV8 today spent 450,611 USDC to purchase 1.29 million YZY at a price of 0.35 dollars, and sold 1.04 million YZY for 1.39 million dollars, leaving 249,907 YZY (approximately 600,000 dollars), with a profit exceeding 1.5 million dollars.

Two days ago, following Kanye West’s official Twitter account’s follow of @YZY_MNY, the market began to speculate on Kanye West’s token issuance actions. A token deployed in February of this year, $YzY, saw its market value rise from over $5 million to nearly $15 million on August 19, and there was a large single purchase of 4207.9 SOL (approximately $767,000).

However, according to the information on the YZY Money official website, in order to prevent sniping, they have deployed 25 YZY contract addresses and randomly selected one of them as the final announcement address. They claim that “this move will reduce the probability of selecting the correct CA to 1/25, thereby preventing attacks from snipers and returning power to real traders.”

Coinbase executive Conor Grogan stated on social media, “I estimate that at least 94% of YZY tokens are held by insiders; 87% of the tokens are held by a single multi-signature wallet (which has now been dispersed to multiple wallets); over 3% of the tokens were purchased at market opening by multiple (pre-prepared) wallets through a single large transaction; over 7% of the tokens are in the liquidity pool.”