A Kanye West-themed token hit a $120 million market cap on Tuesday after the eccentric rapper followed an X account called “YZY MONEY” and sparked rumors of a “billion market cap token” launch.
Unfortunately for one trader who plowed $750,000 into the unrelated Pump Fun-based “YZY,” it promptly dropped back to $7.5 million just seconds later, costing them an estimated $500,000.
Despite no token announcement or address, West following the YZY MONEY account caused something of a frenzy among hopeful traders who duly piled into an assortment of “YZE”-themed tokens.
Right on cue, crypto analyst Bubblemaps cautioned that scammers are “already bundling fake $YZY tokens” and warned users not to fall for them.
Read more: Kanye West said ‘coin’ on X and memecoin degens are frothing
The crypto community has been feverishly hyping up the idea of a Kanye West-backed token for some time. Indeed, back in February, users were pleading for him to launch a crypto during one of his controversial posting sprees, where he praised Hitler and Andrew Tate.
The catalyst for crypto users was a post from West that read, “WHEN PEOPLE MAKE ALL THAT MONEY WITH A COIN IS THAT CASH OR CONCEPT
”
Read more: Bitcoin Core dev Peter Todd shilling a Joker memecoin for $5,000
An imminent “billion market cap token” launch would certainly be coming at the right time for West. According to the US SUN, West has been selling his Los Angeles properties due to him being “strapped for cash” thanks to unpaid taxes and pending lawsuits.
His line of Yeezy merch featuring swastika designs was shuttered by Shopify last February and West complained that Shopify was withholding $4 million from him.
He claimed this year that his net worth was around $2.77 billion, based on estimates from Eton Venture Service that valued his music portfolio.
Other estimates, however, say West’s net worth is closer to $350 million after Adidas, and other major brands, ended their partnerships with the rapper.
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