Kanye West watched his freshly minted YZY coin nosedive more than 60% just hours after its debut on the Solana blockchain Wednesday (August 20), following a brief surge that pushed its market cap near $3 billion.

The token, part of West’s newly announced Yeezy Money ecosystem—which also includes the Ye Pay processor and a YZY Card—initially skyrocketed nearly 1,000% in value, peaking above $30 before tumbling to under $1.

At one point, the coin was trading around $0.98, reflecting the kind of wild price swings that have become standard in celebrity-backed meme coins.

Despite the dramatic drop, the official Yeezy website listed YZY as a valid payment method.

Still, the abrupt pivot into crypto left some observers scratching their heads, with speculation online that West’s account may have been compromised.

The YZY Money site tried to temper expectations, stating the coin is “not intended to be an investment opportunity” and should be seen as a symbolic “expression of support.”

It also warned buyers of the “inherent risks and potential for complete loss.”

West’s move into the crypto space marked a sharp reversal from his previous stance.

Back in February 2025, he publicly criticized meme coins and the speculative frenzy surrounding them.

He even shared that he once turned down a $2 million offer to promote a fake Ye-themed cryptocurrency, and said, “I wouldn’t scam my community” and warned that “coins prey on the fans with hype.”

The coin’s value continued to slide throughout the day Thursday (August 21) as traders rushed to offload holdings amid growing uncertainty.

Kanye West ignited a frenzy Wednesday (August 20) after launching his Solana-based cryptocurrency YZY Money, drawing backlash from critics who say the move contradicts his own warnings about celebrity-backed coins.

West introduced the token with an announcement on social media. “YEEZY MONEY IS HERE,” he tweeted. “A NEW ECONOMY, BUILT ON CHAIN.”

But the rollout was met with immediate skepticism from crypto watchers and longtime supporters, many of whom recalled West’s earlier stance against digital currency schemes.

Back in February, West publicly rejected a $2 million offer to attach his name to a crypto project, saying he wouldn’t “scam my community” and also warning that “coins prey on the fans with hype.”

That statement resurfaced across social media as users questioned whether West had reversed course or lost control of his account.

“The official Yeezy token just dropped,” West said in a video posted on his X (Twitter) account, directly addressing speculation that his account had been compromised. The post included a link to the YZY Money website.

The YZY ecosystem includes a trio of offerings: the YZY token, a payment platform called Ye Pay, and a YZY Card for spending both YZY and USDC globally. The token is now accepted on West’s official Yeezy online store as a payment method for merchandise.

According to the YZY Money site, the coin is “not intended to be an investment opportunity” and should be viewed as a symbolic “expression of support.”

Kanye West Previously Claimed He Was Offered $2 Million For Crypto Scam

Still, critics drew comparisons to other celebrity crypto flops, accusing West of participating in what some called a “pump-and-dump” scheme.

YouTuber Coffeezilla, known for investigating influencer scams, highlighted West’s past remarks. “He was offered £2m to scam his community,” Coffeezilla reminded viewers, pointing to the contradiction between West’s February comments and his current promotion.

Market reaction was chaotic. Forbes reported that YZY Money skyrocketed nearly 1,000% within minutes of launch, briefly reaching a $3 billion market cap before plummeting below $1 billion just hours later.

West has not issued further comment beyond the promotional video.