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Ye's Crypto Chaos: How Kanye West Turned Fans Into Instant Cash Losers

A pile of cryptocurrencies placed on a black background

Photo by Traxer on Unsplash

Just when you thought Kanye West couldn’t get any more chaotic, he’s back with a crypto stunt that’s more dramatic than his latest fashion line.

In a classic West move, the artist formerly known as Ye launched the YZY memecoin after literally stating in February that “COINS PREY ON THE FANS WITH HYPE”. Irony, meet West.

The Rise and Fall of YZY

Within hours of announcing the coin, traders went absolutely wild. The coin’s value skyrocketed to a cool $3 billion, only to spectacularly crash, leaving most investors with empty wallets and bruised egos. Talk about a financial rollercoaster.

Celebrity Crypto Shenanigans

West isn’t alone in this crypto cash grab. Following Trump’s $TRUMP memecoin playbook, celebrities are discovering a new way to monetize their personal brand - and potentially scam their own fanbase. Blockchain analysts suggest these launches often benefit the creators more than the investors.

The Aftermath

By the numbers, traders have already lost over $20 million in this crypto carnival. Early investors who knew the right people managed to walk away with massive profits, while the average fan got financially body-slammed.

Classic West: saying one thing, doing another, and turning it into a spectacle.

AUTHOR: mls

SOURCE: Wired