Ye (formerly Kanye West) has entered the crypto business. The rapper launched his Yeezy Money meme coin on the Solana blockchain on Wednesday (Aug. 20).

Kanye West’s Solana-based crypto, Yeezy Money (YZY), launched with fanfare and hype that briefly pushed its market capitalisation to $3 billion.

YZY token hit $410 million before crashing to $140 million. Crypto community is questioning if this was a hack, deepfake, or real Kanye. Onchain data shows top four wallets control about 80% of the supply.