Author: Luke, Mars Finance

What happened?

In the early hours of May 9, 2025, a dramatic event erupted at the intersection of the global entertainment industry and the cryptocurrency world. Rap superstar and fashion icon Kanye West (now known as Ye) retweeted a post on the X platform that included the meme coin DYDDY contract address.

This seemingly casual retweet acted like a nuclear bomb in the crypto market, instantly igniting the enthusiasm of speculators. According to data from on-chain monitoring service OnChain Lens, two investors—let's call them Address A and Address B—quickly jumped in, driven by FOMO (fear of missing out). Address A spent $632,200 to purchase 8.67 million DYDDY, while Address B invested $544,800 to acquire 4.46 million. However, just a few hours later, the price of DYDDY plummeted, resulting in a loss of $316,700 for Address A and an even greater loss of $382,000 for Address B, totaling a staggering $698,700 in losses.

The background of this incident is astonishing. DYDDY was created just 7 hours before Kanye's retweet, and its market cap once soared to a peak of $160 million, attracting countless eyes. However, the bubble burst quickly, and as of now, DYDDY's market cap has shrunk to $37 million, a nearly 80% decrease. On-chain data also revealed something eerie: a top trader made a precise buy before Kanye's retweet, earning a profit of $1 million, raising suspicions of insider trading. Kanye's tweet not only sparked a speculative frenzy but also exposed the fragility of the meme coin market: celebrity effects, FOMO emotions, and tokens lacking fundamentals created a carnival destined to collapse. This farce was not only a financial Waterloo for the two investors but also a satire of the speculative culture in the crypto space.

What is DYDDY: A Controversial Meme Narrative

The birth of DYDDY can be described as a "fast-track legend" in the meme coin realm. As a typical meme coin, it has no white paper, no clear use case, and not even a decent website. Its entire narrative seems to revolve around one name: Diddy, referring to Sean "Diddy" Combs, the music mogul embroiled in extortion and sex trafficking allegations. The naming of DYDDY appears to be a jab at Diddy or some sort of "homage" in the crypto space, but this bold choice is more akin to naming a ship "Titanic II"—both provocative and dangerous.

In the world of meme coins, narrative is everything. From Dogecoin's "funny dog head" to Shiba Inu's "dog successor," successful meme coins often attract fans through humor or community culture. DYDDY, however, chose a controversial figure as its selling point, attempting to generate buzz through Diddy's fame and Kanye's endorsement. Kanye's tweet instantly ignited this narrative, pushing DYDDY's market cap to $160 million. However, the lack of fundamental support quickly exposed its vulnerabilities. On-chain data showed that many early holders sold at the peak, leaving only the aftermath of a crash for FOMO buyers. Users on the X platform even joked: "The only use case for DYDDY is to remind you not to trust coins pushed by celebrities." The market cap plummeting from $160 million to $37 million proved DYDDY's fate: after the hype, it ultimately turned out to be empty.

Kanye and Diddy: A Complex "Brotherhood"

Behind the DYDDY incident lies the intricate relationship between Kanye and Diddy. As two legendary figures in the music industry, their friendship has long transcended ordinary camaraderie. Kanye has publicly supported Diddy multiple times, even amidst the latter's legal scandals. In 2024, after Diddy was arrested on extortion and sex trafficking charges, Kanye not only did not distance himself from him but referred to him as his "twin," even wearing a T-shirt designed by Diddy during a controversial interview. A leaked phone call from prison, used by Kanye in his new song "Lonely Roads Still Go to Sunshine," showed Diddy still cheering him on from behind bars. This "brotherhood" seems to have traces in the DYDDY incident. The choice of the coin's name and the timing of Kanye's retweet raise suspicions about whether this was an intentional marketing stunt.

However, this relationship complicates Kanye's motives. Was the DYDDY tweet merely a prank? A subtle support for Diddy? Or is it part of Kanye's consistent "create chaos" style? Kanye's recent actions in the crypto space—including rumors of launching his own token—have left people questioning his intentions. On the X platform, some speculate that Kanye may have some connection with the DYDDY team, but there is no evidence to support this. Regardless of the truth, Kanye's actions once again demonstrate his influence: a single tweet can cause a market cap surge or leave investors with nothing. This "brotherhood" may be genuine or merely hype, but for Addresses A and B, the cost is painfully high.

The Celebrity Coin Effect is Exhausted: From DYDDY to Yua Mikami's $Mikami Coin

Kanye's DYDDY incident is not an isolated case but a reflection of the diminishing effectiveness of celebrity endorsements in the meme coin space. Just days earlier, Japanese adult film star Yua Mikami's associated $Mikami coin launched, also sparking a brief hype, but it plummeted immediately after listing, with its market cap evaporating over 60% from its peak. Like DYDDY, the $Mikami coin also lacks substantial content, relying purely on Yua Mikami's fame and fan economy for support. Driven by FOMO, investors flocked in but quickly found themselves trapped, with the X platform filled with complaints about "another celebrity coin scam."

The magic of celebrity endorsements is fading. In 2021, the promotion of EthereumMax by Kim Kardashian and Floyd Mayweather led to a lawsuit after its crash, exposing the risks of celebrity coins. Now, the consecutive collapses of DYDDY and $Mikami coins further prove that the market's superstition of "celebrity = wealth" is no longer valid. The regulatory environment in the crypto market remains a gray area, and celebrities promoting coins do not bear the same legal responsibilities as in the stock market, making speculators even more vulnerable. The $698,700 loss for Addresses A and B, along with the painful history of $Mikami coin investors, serves as a reminder: the celebrity effect may ignite excitement, but it often burns the wallets of retail investors. One user on X summarized it succinctly: "Coins pushed by celebrities are like their albums: just listen, don't take it seriously."

Conclusion: The Circus of Meme Coins Never Stops

The DYDDY incident is a microcosm of the absurd ecosystem in the crypto space: a celebrity tweet, an empty token, leaving a mess behind. Kanye West, with his unique talent for chaos, triggered a rollercoaster ride of market cap from $160 million to $37 million, costing Addresses A and B a hefty tuition of $698,700. This is not just a personal tragedy but a wake-up call for the speculative culture surrounding meme coins. DYDDY is not about technological innovation or financial freedom; it is a mixture of hype, impulse, and human greed.

The crypto circus will not stop; there will always be new meme coins, new celebrity endorsements, and new FOMO traps. What investors can do is perhaps only to awaken from the lessons of DYDDY and $Mikami coins: do not let the halo of celebrities cloud your judgment, and do not let FOMO cloud your mind. The next time Kanye throws out a crypto hint, it might be wise to close your wallet, open his classic album "Yeezus," and quietly appreciate true genius—at least, music won't make you lose money.

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