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Kanye West Said Memecoins ‘Prey On Fans.’ Then He Apparently Launched One
A new cryptocurrency promoted by Kanye West’s X account soared in value—then crashed, inflicting losses on the majority of investors.
Kanye West, the hip-hop artist who goes by Ye, appears to have launched his own cryptocurrency, YZY, sparking a riot of trading activity. As traders piled in, the coin’s paper value surged to $3 billion, then plummeted by two-thirds in the span of three hours as early investors cashed out. Yeezy Investments operates the YZY Money website under a licence granted by Ox Paha Inc., a company through which West manages his intellectual property, the terms and conditions state.
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