Kanye West’s Meme Coin Plummets 81% From Highest Point After Rapper Claims Instagram Was Hacked for a Scam.

Kanye West’s official Solana meme coin, YZY, has decreased nearly 81% since its launch just a week ago as he faces an Instagram hack promoting a fake version of the same token. 

The authentic YZY token on Solana rose nearly 1% today, while the counterfeit version has dropped 96% from its all-time high, trading just above a $160,000 market cap. 

“My Instagram has been hacked and it’s following a fake coin,” Kanye posted on X, including the official token’s X account and Solana contract address ending in “YEEZY.”

The pop culture figure’s Instagram, which has nearly 20 million followers, had followed only two accounts around 1:45 p.m. ET on Tuesday—his partner Bianca Censori and a profile named “yzytoken.”

This profile endorses what West refers to as a “fake coin,” a YZY token that was launched on the popular Solana meme coin launchpad Pump.fun earlier Tuesday.

The bio of the profile includes the impostor token’s contract address along with the real token address, and features a single post from around 2:00 a.m. ET with a QR code and the text “(‘Restart now? (y/n): ‘) == ‘y.’” 

West’s following of the fake token page alone caused its market cap to spike to around $7 million at its peak before it collapsed. 

Kanye’s legitimate meme coin was introduced last week after significant speculation about a rapper-related token’s debut. The launch resulted in a steep decline for numerous unrelated Kanye-themed tokens, dropping as much as 88%. 

However, the actual Kanye token hasn’t seen impressive performance since its launch. After an explosive start with nearly a $3 billion fully diluted value (FDV), YZY has decreased nearly 81%, currently just above a $565 million FDV. The current market cap sits at barely $73.5 million as of this moment.

Regardless of its mixed success among traders, insiders and other early investors have profited significantly from the token launch, including around $12 million in profits linked to Hayden Davis—one individual connected to the controversial Libra meme coin launch promoted by Argentine president Javier Milei in February. 

As of 2:18 p.m. ET, Kanye’s Instagram had ceased following the “yzytoken” profile that had advertised the fake coin.