Kanye West's YZE Memecoin Surges to $3 Billion
Kanye West, formerly known as Ye, has introduced a memecoin, following the example of former U.S. president Donald Trump who revealed his own coin in January.
The price of the memecoin, named YZE, surged after its launch, rising nearly 1,000% quickly and reaching a market capitalization of $3 billion before dropping back to around $1.5 billion, as per CoinGecko data.
This memecoin launch coincides with a surge in bitcoin price and the crypto market, pushing the combined crypto market value to $4 trillion, with support from Trump and Wall Street.
West announced the official Yeezy token in a video on his X account after the cryptocurrency release, linking to Yeezy Money, described as a concept promoting control free from centralized authority.
West, who faced repercussions for anti-semitic remarks and was "de-banked" by JPMorgan in 2022, has seen his net worth decline from $2 billion to around $400 million.
In addition to the YZY cryptocurrency on the solana blockchain, the Yeezy Money project includes a Ye Pay payment processor and a YZY card for spending YZY and the stablecoin USDC.
Memecoins, like Donald Trump’s cryptocurrency, are based on humor, ideas, or culture, with their value often tied to the popularity of the meme.
Dogecoin, a longstanding memecoin, is among the top ten cryptocurrencies with a market capitalization of $33 billion compared to bitcoin's $2.2 trillion.
In a similar vein, Haliey Welch, known for the viral “hawk tuah” video, launched her own memecoin last year, which faced a significant drop in value, leading to lawsuits and admission of lack of understanding of the technology.
Trump’s memecoin value has decreased since its launch in January, dropping to a market capitalization of $1.7 billion from a peak of nearly $9 billion.
The Trump family's involvement in crypto followed their claims of being "de-banked" by the financial sector, leading to the establishment of World Liberty Financial, a decentralized finance (DeFi) company by Trump's sons.
Eric Trump highlighted the importance of crypto after facing banking issues due to his father's political background, emphasizing the significance of crypto in such situations.
In a podcast with Joe Rogan in 2020, West praised the bitcoin and cryptocurrency community for their perspective on the liberation of America and humanity, contrasting it with the political system's reliance on outdated structures.