YZY (YZY MONEY) fell 67.34% in 24 hours.

Gate News Bot news, on August 22, according to CoinMarketCap, as of the time of writing, YZY (YZY MONEY) is currently priced at 0.84 USD, down 67.34% in the last 24 hours, with a high of 3.16 USD and a low of 0.77 USD. The current market capitalization is approximately 252 million USD, a decrease of 520 million USD from yesterday.

YZY MONEY is a financial system concept aimed at freeing users from centralized authority control. YZY is the base currency for all transactions within YZY MONEY. The project includes two main components: YZY Pay and YZY Card. YZY Pay is a crypto payment processor designed to reduce the high fees commonly faced by merchants, accepting credit card and cryptocurrency payments. YZY Card is a tool for spending YZY and USDC globally. The YZY token is issued on the Solana blockchain and utilizes the Jupiter Lock protocol for transparent cliff-style unlocking distribution.

Important news about YZY recently:

1️⃣ Kanye West officially launches YZY token Renowned rapper Kanye West announced the launch of the YZY MONEY brand on social media on August 21, and issued the YZY token on the Solana blockchain. The project team released a video featuring Kanye himself to prove the authenticity of the project. The YZY token economics show that 20% is allocated for public issuance, 10% for liquidity pools, and 70% is controlled internally, with a limited proportion circulating in the open market.

2️⃣ The identity of the first large buyer is exposed On-chain analysis shows that the first large buyer of YZY is Naseem, a trader who made over $100 million in profits on the TRUMP token this year. Naseem purchased $250,000 worth of YZY on August 21. So far, Naseem has cashed out $800,000 from the initial purchase and still holds $600,000 worth of YZY.

3️⃣ YZY price fluctuates significantly The price of YZY tokens has seen significant fluctuations. Since its issuance, the price has fallen from a peak of $3.16 to $0.84, a decrease of 73.4%. In the past 24 hours, the trading volume reached $668 million, and the number of holding addresses was 34,900. Several large holders have incurred substantial losses in a short period, such as a whale trader who lost $500,000 in less than two hours.

The YZY MONEY team stated that new features will be launched for users in the coming days to promote short-term innovation and long-term development of the project. However, some analysts point out that YZY's trading fee structure may lead to relatively high actual transaction fee rates, with the total costs for traders to fully enter and exit potentially reaching around 10%.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.