The post Kanye West’s YZY memecoin hits $3.2 before crashing 70% – Details appeared on BitcoinEthereumNews.com. Key Takeaways  Kanye West reportedly launched the YZY memecoin, going against his promise made earlier in the year. Will it go to zero like other celebrity tokens?  U.S. hip-hop artist Kanye West, also popularly known as Ye, has reportedly launched his memecoin, dubbed YZY, on Solana [SOL]. The token mooned 1400% to $3 billion in market cap in minutes.  However, as of press time, it had dropped to $1B market size (about 70% slump) amid mixed reactions from the crypto community.  Source: YZY/USD, TradingView Is YZY legit or another rug pull? According to the artist, the token will power the ‘Yeezy Money’ ecosystem. Part of his X (formerly Twitter) post on the 21st of August included the contract address for the token.  Source: X Per the website, the Yeezy Money is billed as a ‘new financial system, built on crypto rails’ and includes Ye Pay and the YZY card.   However, the community was quick to point out that the tokenomics were awful as over 80% was concentrated in the creators. Only 20% was released for the public supply, as one user warned others not to make the mistake of buying the token.  “Why do we keep making the same mistakes over and over? Stop buying centralized rigged scams?” In fact, analytics platform Lookonchain flagged that insiders scooped the token early enough and began dumping YZY, leading to a 70% slump. Besides, the creator of the token could add or remove liquidity and mirror the infamous LIBRA memecoin.  In addition, the team created a resistance between $3-$4 via single-sided liquidity, further triggering the retracement.  Source: Lp4fun  At press time, YZY was valued $1.16, down from the $3.2 peak hit after it debuted. Will it face the same fate as other celebrity coins?  At the peak of the memecoin craze in 2024,… The post Kanye West’s YZY memecoin hits $3.2 before crashing 70% – Details appeared on BitcoinEthereumNews.com. Key Takeaways  Kanye West reportedly launched the YZY memecoin, going against his promise made earlier in the year. Will it go to zero like other celebrity tokens?  U.S. hip-hop artist Kanye West, also popularly known as Ye, has reportedly launched his memecoin, dubbed YZY, on Solana [SOL]. The token mooned 1400% to $3 billion in market cap in minutes.  However, as of press time, it had dropped to $1B market size (about 70% slump) amid mixed reactions from the crypto community.  Source: YZY/USD, TradingView Is YZY legit or another rug pull? According to the artist, the token will power the ‘Yeezy Money’ ecosystem. Part of his X (formerly Twitter) post on the 21st of August included the contract address for the token.  Source: X Per the website, the Yeezy Money is billed as a ‘new financial system, built on crypto rails’ and includes Ye Pay and the YZY card.   However, the community was quick to point out that the tokenomics were awful as over 80% was concentrated in the creators. Only 20% was released for the public supply, as one user warned others not to make the mistake of buying the token.  “Why do we keep making the same mistakes over and over? Stop buying centralized rigged scams?” In fact, analytics platform Lookonchain flagged that insiders scooped the token early enough and began dumping YZY, leading to a 70% slump. Besides, the creator of the token could add or remove liquidity and mirror the infamous LIBRA memecoin.  In addition, the team created a resistance between $3-$4 via single-sided liquidity, further triggering the retracement.  Source: Lp4fun  At press time, YZY was valued $1.16, down from the $3.2 peak hit after it debuted. Will it face the same fate as other celebrity coins?  At the peak of the memecoin craze in 2024,…

                                                                               Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle.                     Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more