Ye, the artist formerly known as Kanye West, entered the cryptocurrency market on Thursday by posting the contract address and a short confirmation video for his Solana-based meme coin, YZY Money. Minutes after trading opened, the token’s fully diluted value vaulted past $3 billion, briefly placing it among the 35 largest crypto assets. The euphoria faded quickly. By mid-day the market value had slipped below $1 billion, and some price trackers later showed a decline of roughly 90 % from the peak to about $300 million. On-chain analysts Lookonchain and Coinbase’s Conor Grogan said a single multisignature wallet initially held 87 % of the supply, while the top six wallets controlled more than 90 %. Because the liquidity pool was seeded only with YZY, large holders can add or withdraw liquidity at will, echoing mechanics used in other controversial celebrity tokens. The launch generated heavy traffic on Solana, which processed an estimated 2,300–4,300 true transactions per second, a record for the network, and more than $500 million in on-chain volume within the first three hours. Centralised exchanges Gate, KuCoin and Bitget rushed to list the coin even as volatility intensified. Project documents show 70 % of the total supply is reserved for Yeezy Investments LLC under a vesting schedule, 20 % for public sale and 10 % for liquidity. The terms include a class-action waiver that forces any dispute into individual arbitration, heightening investor caution. The episode adds to a growing list of celebrity-backed tokens that record spectacular initial gains before sharp reversals, reigniting debate over insider allocations, disclosure and consumer protection.