Kanye West (or Ye, as he’s known now) last week announced his first foray into the cryptocurrency industry with what his X account said was a new memecoin, YZY.  “The official Yeezy token just dropped,” said a bored-looking West in a video posted on his X account. This, in and of itself, was somewhat bizarre (West had previously sworn off memecoins) and some web users speculated that the video may have been AI-generated.

The coin immediately skyrocketed in value, climbing—in the span of a few hours—to a market cap of some $3 billion, Wired reports. Not long after, the coin predictably plummeted in value, eventually settling to around $1.5 billion, Forbes writes. As we sit here, the…