Kanye West YZE Memecoin Hits $3 Billion Amid Trump-Fueled Crypto And Bitcoin Price Boom
📝 usncan Note: Kanye West YZE Memecoin Hits $3 Billion Amid Trump-Fueled Crypto And Bitcoin Price Boom
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Kanye West, the highly controversial rapper now known as Ye, has launched a memecoin, following in the footsteps of U.S. president Donald Trump who announced his own coin in January.
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The price of the memecoin, called YZE, surged following the launch, climbing almost 1,000% in minutes and briefly hitting a market capitalization of $3 billion before falling back sharply to around $1.5 billion, according to CoinGecko data.
The memecoin launch comes amid a bitcoin price and crypto boom that’s catapulted the value of the combined crypto market to $4 trillion—helped by the technology being embraced by Trump and Wall Street.
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Kanye West has been long-rumored to be launching a memecoin, a bitcoin-like cryptocurrency that’s tied to a person, joke or culture.
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“The official Yeezy token just dropped,” West said in a video posted to his X account shortly after the cryptocurrency was released, alongside a link to Yeezy Money, described on its website as a “concept to put you in control, free from centralized authority.”
West, who has been dropped by sponsors and record labels in recent years due to anti-semetic comments, was “de-banked” by JPMorgan in 2022 shortly after Forbes named him as a billionaire with a personal net worth of $2 billion. That fortune has since declined to around $400 million.
Alongside the YZY cryptocurrency, built on the memecoin-heavy solana blockchain, the Yeezy Money project includes a Ye Pay payment processor, and a YZY card for spending crypto.
Memecoins, such as Donald Trump’s cryptocurrency, are designed around a joke, idea or culture, with their prices reflecting the popularity of the “meme.”
Dogecoin, one of the oldest memecoins, is a top-ten cryptocurrency by market capitalization, worth a total of $33 billion compared to bitcoin’s $2.2 trillion.
Trump’s memecoin has declined steadily since its January launch, falling to a market capitalization of $1.7 billion, down from a peak of almost $9 billion shortly after its launch.
