We’re going into degen territory today, folks.
If you opened Crypto Twitter, you prolly noticed a lot of people talking about Kanye West.
And no, this time it wasn’t because he said the most unhinged, outrageous, and cancellable sh*t you’ve heard in your life.
This time, he promoted a memecoin called YZY:
According to the website, YZY’s supposed to be the currency powering transactions within “YZY MONEY,” a “financial system built on crypto rails.”
But it ended up being yzy money for insiders, who, according to Conor Grogan, a director at Coinbase, held at least 94% of the total supply.
The coin reached a $3B market cap in under an hour, then crashed back down to around $1B just as quickly.
Is anyone surprised? Absolutely not. Almost every celebrity memecoin to date has ended the same way – fast pump, faster dump.
Aaand there’s more tea. Some crypto influencers are convinced that Hayden Davis might be behind the YZY launch.
If you’re unaware of this dude – Hayden was involved with the LIBRA token rugpull (we broke that drama down here).
And people are connecting him to YZY because some things line up a little too well:
👉 The launch looked exactly like LIBRA’s – no website, no whitepaper, no docs. Just a well-known person posting the contract address;
👉 The hype wasn’t organic either – a bunch of the same X accounts that hyped Davis’ old projects started shilling YZY;
👉 YZY launched with barely any liquidity, which caused a quick price increase before liquidity shifted and insiders dumped. This also happened with LIBRA;
👉 And the timing was the final red flag: YZY launched only hours after a court unfroze Davis’ $57M in USDC from the LIBRA case.
Now, why are we even talking about this?
Well, partly so you can understand why your degen friend won’t shut up about it today (and you can tell ’em you read about it in your fave newsletter 😌 The Daily Squeeze, of course 😌).
But more importantly, it’s a reminder: celebrity memecoins are some of the riskiest bets in crypto.
👉 Most have no product, roadmaps, or real utility, and their price depends entirely on hype;
👉 Insiders and early buyers usually dump at the top, and regular investors are left with heavy losses.
That’s why investors need to treat celebrity tokens as short-term speculation at best. If you’re buying, know you’re betting on hype cycles and attention spans – not long-term adoption.
Now you’re in the know. But think about your friends – they probably have no idea. I wonder who could fix that… 😃🫵
Spread the word and be the hero you know you are!
