Kanye West's Meme Coin Was Flying Before Crashing, Here's the Explanation!

Bittime - A tweet reposted by Kanye West pushed up the price of YZY Coin—a new meme coin also known as Swasticoin. The coin reached a market capitalization of $180 million (around IDR 2.93 trillion) in a short time. 

However, the euphoria did not last long. In less than a day, the price of this token fell drastically, shrinking to $25.5 million (around Rp. 415 billion), erasing almost all of the previous increase.

This phenomenon once again emphasizes how big the influence of celebrities is in the crypto world, especially in speculative assets such as meme coins. However, behind the tempting price surge, there is a big risk lurking for investors.

Why Can the Price of YZY Coin Soar?

Source: X

It all started when Kanye West reposted a tweet showing the Swasticoin (YZY) contract address on the X platform. Within minutes, the market reacted quickly. 

Traders and speculators immediately flocked to buy this token, pushing its value to its highest level.

It cannot be denied that the involvement of public figures such as Kanye West is the main trigger for this price spike. In the crypto world, this phenomenon is nothing new. 

Read also: What are the reasons why RLUSD can be frozen? This is what Ripple says!

Previously, Elon Musk also caused a spike in the prices of Dogecoin and Floki Inu with just one tweet. This sentiment-driven market euphoria often creates volatile price patterns, where sharp increases are followed by equally aggressive corrections.

Causes of YZY Coin's Fall

Unfortunately, like most meme coins that only rely on hype, YZY Coin's price spike did not last long. After the market capitalization touched $180 million (around Rp. 2.93 trillion), many investors started taking profit. 

Within hours, the price of YZY Coin plummeted, leaving most of the new buyers with significant losses.

Read also: Ari Wallet (Arichain) Listing Date: What is the Initial Price of ARI Token?

Celebrity Influence in the Crypto World

The YZY Coin incident shows once again how celebrities can move the crypto market in a matter of seconds. Kanye West isn't the first, and most likely won't be the last. 

Elon Musk has repeatedly influenced the price of Dogecoin with his tweets, while other figures such as Mark Cuban and Snoop Dogg have also given encouragement to certain crypto assets.

However, this phenomenon is also a warning for investors. Just because a token is endorsed or mentioned by a public figure does not mean the asset has long-term value. 

Investors should remain careful and do research before jumping into assets with high volatility such as meme coins.

FAQ

1. What is YZY Coin?

YZY Coin, or Swasticoin, is a meme coin that experienced a drastic price spike after Kanye West reposted a tweet about it. However, the price of this token soon fell after the hype died down.

2. Is investing in meme coin safe?

Meme coins are highly speculative and high risk. Although they can provide huge profits in a short period of time, these assets are also susceptible to rapid price falls.

How to Buy Crypto on Bittime

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Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference 

Binance Square, Kanye West’s Repost Sends Meme Coin YZY to $180M Before Crash, accessed March 16, 2025.

PANews, Kanye West retweeted a tweet with Meme coin CA, which may have caused short-term fluctuations, accessed March 16, 2025.

Author: Y