The debut of YZY Cash, Kanye West’s newly launched cryptocurrency on Solana, has already drawn main consideration—and controversy.
In line with a report by The Block, the token’s rollout shortly attracted skilled memecoin merchants, together with a well known determine within the crypto area.
Veteran dealer makes $1.2M buy-in
Blockchain analytics agency BubbleMaps reported that the very first buy of YZY got here from a dealer utilizing the pseudonym “Naseem.” The investor spent $250,000 in USDC to accumulate roughly $1.2 million price of YZY tokens. Naseem, described as an “skilled sniper” by BubbleMaps, beforehand turned a $1 million wager on Donald Trump’s Official memecoin into $100 million in income.
Shortly after the YZY buy, Naseem’s pockets executed two fast gross sales totaling about $535,000, then cycled liquidity by a Meteora pool a number of instances, in the end cashing out round $1.02 million in USDC.
Anti-sniping measures beneath stress
The YZY Cash web site highlighted protections in opposition to bots and early merchants, stating that 25 completely different contract addresses had been deployed, with one chosen randomly because the official YZY. This design was meant to offer real members a fairer probability and scale back automated sniping.
Nevertheless, The Block famous blockchain knowledge indicating that the YZY workforce additionally created as much as 50 decoy wallets to confuse snipers. Regardless of these precautions, seasoned merchants like Naseem had been nonetheless in a position to break by.
Ye’s change of stance
The launch additionally marked a reversal in Ye’s public feedback earlier this yr, when he dismissed meme tokens as initiatives that “prey on the followers with hype.” His promotion of YZY Cash by posts on X now indicators a full embrace of the pattern.
For now, confusion stays over how properly YZY’s anti-sniping technique really labored, however the undertaking has undeniably put Kanye West on the heart of the crypto dialog as soon as once more.
