Kanye West, now known as Ye, has ventured into the cryptocurrency market with the launch of a new memecoin called YZY. In a video on his X account, West announced the token, which is part of a larger financial ecosystem he calls YZY Money. This new system is promoted as a decentralized financial platform, offering products like a debit card and “Ye Pay” to give users control over their finances, free from central authority.

 A Volatile Debut

The YZY coin experienced a dramatic launch, with its market capitalization soaring to an estimated $3 billion within hours. However, the value quickly fell, later stabilizing at a significantly lower figure. According to the crypto tracking site CoinMarketCap, the token’s market cap has since settled to around $169 million.

 Hacking Allegations and Scams

Adding to the drama, West recently claimed his Instagram account was hacked. He alleged the hacker promoted a fake version of his coin. On X, formerly known as Twitter, West directed his followers to the official promotional page for the authentic YZY coin, while his Instagram activity showed no crypto-related posts. This move comes after West had previously stated he would not be involved with memecoins.