Video | Weekly Market Analysis: Uncovering Kanye West's $YZY coin: 9-second jump start, 94% insider holdings, another celebrity scam?

This video episode from "The Round Trip" series, a collaboration between PANONY and Web3.com Ventures, investigates major stories at the intersection of crypto and AI. The analysis covers three main areas:

Kanye West's $YZY Token Controversy: The token, part of the "Yeezy Money Ecosystem" on Solana, saw its market cap crash from $3 billion to under $800 million shortly after launch. On-chain data reveals significant insider trading, with wallets linked to the $Libra project making ~$23 million in profits. A notable example is a trader turning $250,000 into $1.8 million just 9 seconds before the public could buy in. Further raising suspicions, 94% of the token supply is controlled by insiders, with 87% initially held in a single multi-signature wallet. The token distribution is allocated to Investment (30%), Team (20%), Ecological development (20%), Public sale (20%), and Liquidity (10%), all subject to a 2-year lock-up except the public sale and liquidity portions.
Federal Reserve Policy Signals: The market is closely watching Chairman Jerome Powell's decision-making amid an inflation rate above the 2% target, a cooling labor market, and pressure to cut interest rates. The probability of a rate cut in September is currently forecast at over 85%.
China's Potential RMB Stablecoin: Reports indicate China is considering launching an official yuan-backed stablecoin to enhance its global currency influence and challenge the U.S. dollar's dominance. The plan is expected to be reviewed by the State Council, potentially signaling a major policy shift from its 2021 crypto ban. (PANews notes that Chinese officials had not yet responded to this report at the time of the video's release on August 23rd).

Original article: TheRoundTrip

Compiled by Yuliya, PANews

At the intersection of crypto and AI, the truly important stories often lie hidden beneath the noise. To uncover these overlooked truths, PANONY and Web3.com Ventures have partnered to launch the English-language video series "The Round Trip." Co-hosted by John Scianna and Cassidy Huang, this episode will focus on the insider information behind Kanye West's $YZY token's plunge from a $3 billion market cap, the Federal Reserve's latest policy signals, and the impact of China's planned launch of a stablecoin.

*Note: This video was released on August 23, and some data and dynamics may differ from the current situation.

TL;DR

1. Kanye West's coin issuance and insider trading suspicions

Project Overview : Kanye West launched the "Yeezy Money Ecosystem" on Solana, which includes Memecoin ($YZY), a payment service (Ye Pay), and a crypto debit card (YZY Card). Its market capitalization plummeted from a peak of $3 billion to below $800 million in a short period of time.
Insider Trading: On-chain data shows that wallets associated with the $Libra project profited approximately $23 million through front-running trading around the launch of $YZY. Analytics firms Nansen and Cyvers also confirmed the overlap of wallets, strongly pointing to organized insider trading.
Suspicious timing : Five hours before the launch of $YZY, a $57 million fund associated with $Libra founder Hayden Davis was unfrozen by a judge, sparking widespread doubts in the market.
Front-running example : Naseem, a well-known trader, invested $250,000 9 seconds before the public entered the market and turned it into $1.8 million within 8 minutes.
High concentration of chips: The project owner is accused of high control, with 94% of the $YZY supply controlled by insiders, 87% of which was initially controlled by a multi-signature wallet. The token distribution is as follows:

Investment: 30% (unlocked in 2 years)
Team: 20% (unlocked in 2 years)
Ecological development: 20% (unlocked in 2 years)
Public sale: 20%
Liquidity: 10%

2. Macroeconomic dynamics

Federal Reserve : Chairman Jerome Powell delivered a speech. The market is paying attention to his decision-making under the inflation rate exceeding 2%, the cooling labor market and the pressure to cut interest rates. The market currently predicts that the probability of a rate cut in September is more than 85%.
China is considering launching an official RMB stablecoin to enhance the yuan's global influence and challenge the dollar's dominance. The plan is expected to be reviewed by the State Council this month, potentially marking a significant policy shift away from China's 2021 crypto ban. (PANews Note: Since Reuters published this report, Chinese officials have not yet responded to this news.)