Kanye West’s Repost Sends Meme Coin YZY to $180M Before Crash
Kanye West reposted a tweet featuring YZY’s contract address, briefly pushing its market cap to $180M before plummeting to $25.5M.
- Kanye West shared a tweet featuring the contract address for YZY.
- The meme coin’s market cap soared to $180M before falling back to $25.5M.
- The incident highlights the volatility of celebrity-driven crypto surges.
Meme coins are no strangers to extreme volatility, especially when celebrities get involved. This time, it was Kanye West who caused a stir in the crypto world by reposting a tweet containing the contract address for Swasticoin (YZY), a newly launched meme coin. The endorsement—or mere recognition—by the music and fashion icon triggered a rapid surge in YZY’s Market value, briefly hitting a staggering $180 million.
The Sudden Rise and Fall of YZY
As soon as Kanye West’s repost hit social media, traders rushed to invest in YZY, sending its market cap skyrocketing. However, this surge was short-lived. Within hours, the price plummeted, settling at around $25.5 million, wiping out a large portion of its temporary gains. This pattern is common in the meme coin space, where hype-driven spikes often lead to equally sharp declines.
Celebrity Influence in Crypto Markets
The incident highlights the ongoing influence celebrities have over crypto markets. Kanye West is not the first high-profile figure to impact token prices. Similar trends have been seen with figures like Elon Musk and his tweets about Dogecoin. However, these situations serve as a reminder of the high-risk nature of investing in meme coins, as their value can shift dramatically within minutes.
