Kanye West’s YZY Token Struggles

Kanye West’s official Solana meme coin, YZY, has dropped nearly 81% from its peak, just a week after launch. The decline coincides with reports of an Instagram hack promoting a fake token of the same name.

The authentic YZY token on Solana rose nearly 1% today, while the impostor version is down 96%, trading just above a $160,000 market cap.

Kanye posted on X about his Instagram being hacked, stating:

> “My Instagram has been hacked and it’s following a fake coin.”

He provided the official token’s X account and Solana contract address, which ends in YEEZY.

The pop culture icon’s Instagram account, with nearly 20 million followers, only followed two accounts recently: his partner Bianca Censori and a profile named yzytoken, which promotes the fake coin.

This fake token gained traction, reaching a market cap of around $7 million at its peak, before crashing down. The impostor token was launched on the Pump.fun launchpad.

Kanye’s real meme coin debuted last week after speculation, causing several unrelated Kanye-themed tokens to fall sharply, dropping up to 88%.

However, YZY has not performed well either, dropping from nearly a $3 billion fully diluted value (FDV) to down 81%, currently sitting just above $565 million FDV, with a market cap of around $73.5 million.

Despite its struggles, early investors, including Hayden Davis, benefited significantly, netting around $12 million in profits.

As of the last update, Kanye’s Instagram was no longer following the yzytoken page promoting the fake coin.