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US rapper Kanye West is reportedly set to launch a meme coin by the end of the week. Dubbed $YZY, the coin is expected to provide holders with some utility while guarding against price drops.
A Flurry Of Activity Around The Kanye West Memecoin Launch
While details around the Kanye West meme coin remain sparse, insiders say the project is steamrolling ahead. According to reports, $YZY will operate as the official currency for the Yeezy brand and website amid the recent backlash against the rapper.
Following the alleged anti-semitic rhetoric by Kanye West, Shopify shut down his online store, forcing the rapper to explore digital assets. Per the internal documents, $YZY will be accepted as payment on the rapper’s website, providing an alternative to mainstream platforms.
Sources say 70% of the Kanye West memecoin is earmarked for the rapper, while 20% will go to investors. 10% of the tokens will be deployed for liquidity provisioning, an attempt to mirrorthe tokenomics of top meme coins like Dogecoin.
A Botched Launch For $YZY
Originally scheduled for launch on February 20, $YZY has hit a series of stumbling blocks. For starters, the rapper has deleted previous posts on X alluding to the launch of the meme coin.
The 47-year-old rapper has also taken down conversations involving Binance founder Changpeng Zhao linked to the incoming $YZY. Public enthusiasm for the project waned after Kanye West adopted a Nazi stance with the proposed launch of “Swasticoin.”
For now, it remains unclear if the Kanye West meme coin will see the light of day. A Polymarket bet has been launched, with 36% predicting that the rapper will roll out a coin before the end of February.
Sentiments Have Changed For The Kanye West Memecoin
Following delays and erratic posts on X, optimism among investors has been dampened for $YZY. Kanye West disclosed on the social media platform that he no longer has control of his X account, but a cross-section of users are chalking it up to the rapper’s eccentricity.
The high-profile price slump of the scam $LIBRA token linked to the Argentine President has left investors with a sour taste in their mouths. Despite negative sentiments, investors are still scanning the horizon for early access to a Kanye West meme coin.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
While Solana price spirals downward, whales are moving sizable amounts of SOL, sparking fears of a selloff. On the flip side, analysts say the move could be a trigger for an accumulation spree amid prolonged bearish sentiments.
Whale Moves $127 Million Worth Of Sol TO Unknown Wallet
A Solana (SOL) whale has transferred 846,613 SOL to an unknown wallet in a single transaction amid falling asset prices. With Solana price hovering around the $150 mark, the transferred assets are valued at a hefty $127 million, spiking SOL’s daily trading volumes.
While the sizable transfer appears to have gone under the radar, investors say the move could have far-reaching consequences for the beleaguered asset.
A majority of traders are viewing the $127 million transfer as preliminary moves for a sell-off given prevailing sentiments. Only a handful of investors see the transfer as an accumulation play ahead of a market breakout.
Solana Price Continues To Fall
Onchain data indicates SOL has lost 11% in under 24 hours to settle at the $152 mark. Since the asset reached its peak of $294 at the start of the year, it has shed 49% of its value in less than a month.
SOL’s market capitalization of $75.4 billion manages to keep it among the top cryptocurrencies by valuation. However, underlying metrics remain grim as it plays second fiddle to Ethereum in DEX weekly volumes.
Solana network fees and memecoin activity have also taken a hit in recent weeks while the number of active Solana users fell to its lowest level in five months.
SOL Expected To Slip Even Further
Amid the unsavory metrics for SOL, chances for a break out remain unlikely for the asset. For starters, the Solana price descent has seen it fall below the 50-day and 200-day moving averages, setting the stage for a bearish death cross pattern.
MACD and the Relative Strength Index (RSI) are painting a depressing picture for SOL with indicators tipping prices to reach $109. Optimists are pining for the Securities and Exchange Commission (SEC) to approve a spot Solana exchange-traded fund (ETF) expected to reverse the bearish trend.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Binance Square has introduced a new feature called Trader Profile. This tool allows users to publicly disclose the composition of their cryptocurrency holdings. Changpeng “CZ” Zhao, the co-founder and former CEO of Binance, has made his portfolio visible through this platform, showcasing a significant confidence in the cryptocurrency he helped found.
Binance Co-Founder Holds 98.48% in BNB, Reveals Trader Profile Feature
According to a recent report, Changpeng Zhao, the Binance co-founder, has demonstrated commitment to his company’s native token, Binance Coin (BNB), by allocating a vast majority of his investment portfolio to it. Zhao’s holdings in BNB make up 98.48% of his total assets, underscoring his belief in the token’s value and the Binance ecosystem.
Despite the heavy concentration in BNB, Binance co-founder maintains a diverse though small portion of his portfolio in other cryptocurrencies. He holds 1.32% of his assets in Bitcoin (BTC), suggesting strategic diversification.
More so, the remaining portion of his portfolio consists of minor holdings in EURI and USDT. CZ holds 0.17% in EURI, a stablecoin tied to the Euro, and 0.03% in USDT. These holdings suggest a minimal position in stablecoins, with most of his assets committed to Binance-related investments.
This revelation comes just days after the Binance founder confirmed that BNB donations had surpassed $1 million. He is now seeking community input on the best way to distribute the funds.
Foresight Ventures Invests $25M in BNB Chain Incubation
Meanwhile, in related news on investments surrounding Binance’s ecosystem, Foresight Ventures has announced a commitment of up to $25 million to support projects within the BNB Chain’s Incubation Alliance for the year 2025. This investment will fuel the growth of promising blockchain startups, leveraging the established BNB Chain infrastructure.
The initiative, led by BNB Chain and YZi Labs, focuses on accelerating Web3 startups. The funding will be distributed through grants, incubation programs, and direct investments, assisting projects in scaling their development.
BNB Price Action and Prediction
As Binance continues to expand its influence and operations, the price of BNB has shown remarkable resilience and growth. Recently, BNB price reached the $650 mark, fueled by positive market sentiments and strategic initiatives by Binance.
Apart from Binance Co-founder investments, analysts suggest that BNB price could surpass the $660 resistance level and move toward the $700 mark. With Binance US resuming operations and regulatory landscapes becoming more favorable, the top exchange strategic efforts to strengthen its presence in key markets contribute to a positive outlook for BNB price
BNB price is trading at $634.75, with a market cap of $90.43 billion. The 24-hour trading volume stands at $1.67 billion, reflecting recent market activity. The price has seen fluctuations, with a high near $650 before trending downward.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Another crypto market crash is happening, with Bitcoin, Ethereum, Solana, and the Dogecoin price witnessing significant declines. This development comes amid the uncertainty in the market, which is sparking a bearish sentiment among investors.
Crypto Market Crash: Why BTC, ETH, SOL, & DOGE Are Down
CoinMarketCap data shows that a crypto market crash has occurred, with the Bitcoin price sharply dropping below the psychological $95,000 level. The flagship crypto has also dragged altcoins along as they have suffered significant declines. Ethereum and Solana are down over 4% and 9%, respectively. Meanwhile, the Dogecoin price is down over 7% in the last 24 hours.
This crash has occurred amid market uncertainty, with investors currently choosing to stay on the sidelines. Several developments have sparked this market uncertainty, including Donald Trump’s proposed tariffs on several countries.
Another macro factor is the Federal Reserve’s quantitative tightening (QT) policies, which suggest that the US Central Bank is unlikely to cut interest rates anytime soon. Amid these developments, it remains uncertain when or if Donald Trump and his administration will implement the Strategic Bitcoin Reserve, which could provide a huge boost to the Bitcoin price.
It is also worth mentioning that the crash in the US stock market could have also contributed to the crypto market crash, as the Bitcoin price is known to correlate to these US stocks at times. The S&P 500 declined by almost 2% last week on Friday, which was the worst day in two months.
Developments In The Market
Developments in the market have also sparked this bearish sentiment among investors and contributed to the price crash across the board. One is the Bybit hack, which has raised concerns among crypto community members and also highlighted the security issues that persist in the industry.
Furthermore, the market looks to be overleveraged at the moment, which could also be contributing to the crypto market crash. Crypto analyst Kevin Capital recently highlighted the liquidity heatmap in the derivatives market and noted that there are a “ton of longs the built up below” is down to $91,000.
The analyst remarked that BTC can head higher after liquidating these positions. He added that the flagship crypto needs more time to reset the 3-day MACD, which is already happening.
The Solana price has suffered one of the biggest declines amid this market crash. This is due to the token unlock of 11.2 million SOL, around $1.78 billion, which will happen on March 1. Some of these coins belong to institutional investors like Galaxy Digital, who bought these coins as part of the auction of FTX’s estate for a discounted price.
As such, SOL could face significant selling pressure as these investors move to secure profits. Ahead of the token unlock, Solana whales already look to be offloading their coins. As CoinGape reported, Binance dumped 100,000 SOL through market maker Wintermute, further sparking this bearish outlook for Solana.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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