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Kanye West’s Instagram account was compromised on Tuesday to promote a fraudulent YZY token, causing a brief market frenzy. The fake token surged to a $7 million market cap before crashing dramatically. Meanwhile, West’s official Solana-based meme coin has plummeted 81% from its peak valuation.
- Fake YZY token promoted via hacked Instagram reached $7M market cap before crashing 96%
- Official YZY token has fallen 81% from its peak with current market cap of $73.5 million
- Early investors in official token reportedly profited up to $12 million despite poor performance
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Related Tags: Solana
