Kanye's tweets ignited DYDDY fanaticism: 160 million market value evaporated overnight, retail investors lost 700,000 yuan

Author: Luke, Mars Finance

what happened?

In the early morning of May 9, 2025, a dramatic event broke out at the intersection of the global entertainment circle and the cryptocurrency circle. Rap superstar and fashion pioneer Kanye West (now Ye) retweeted a tweet containing the DYDDY contract address of the meme coin on X platform.

This seemingly random forwarding is like dropping a nuclear bomb in the crypto market, instantly igniting the enthusiasm of speculators. According to data from OnChain Lens, the on-chain monitoring service, the two investors - we will call Address A and Address B - took action quickly driven by FOMO (miss-phobia). Address A spent US$632,200 to purchase 8.67 million DYDDY, and Address B spent US$544,800 to acquire 4.46 million. However, just a few hours later, the price of DYDDY plummeted, address A lost $316,700, and address B lost $382,000, with a total loss of $698,700.

The background of this storm is staggering. DYDDY was born only 7 hours before Kanye’s repost, and its market value soared to a peak of $160 million, attracting countless attention. However, the bubble burst rapidly, and so far, DYDDY's market value has shrunk to US$37 million, a shrinking of nearly 80%. The data on the chain also revealed a hint of weirdness: a top trader bought accurately before Kanye forwarded it and made a huge profit of $1 million, which triggered speculation about insider trading. Kanye's tweets not only set off a speculative frenzy, but also exposed the fragility of the meme currency market: the celebrity effect, FOMO sentiment and the lack of fundamentals constitute a carnival that is doomed to collapse. This farce is not only a financial Waterloo for the two investors, but also another irony of the speculative culture in the crypto circle.

What is DYDDY: A Meme Narrative Based on Controversy

The birth of DYDDY can be regarded as a "quick legend" in the field of meme coins. As a typical meme coin, it has no white paper, no clear purpose, and not even a decent official website. Its entire narrative seems to revolve around one name: Diddy, Sean Combs, a music tycoon who is deeply involved in allegations of extortion and sex trafficking. DYDDY's naming is like a joke to bragging dad, or a "tribute" to some kind of encryption circle, but this bold choice is more like naming the 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 by relying on humor or community culture. DYDDY chose controversial figures as selling points, trying to create popularity by using bragging about his father's popularity and Kanye's endorsement. Kanye's tweets instantly ignited the narrative, pushing DYDDY's market value to $160 million. However, the lack of fundamental support has quickly exposed its weaknesses. On-chain data shows that a large number of early coin holders sold at high points, leaving FOMO with the only ones that plummet the endgame. Some users on the X platform even joked: "The only use case of DYDDY is to remind you not to believe in coins recommended by celebrities." From a market value of US$160 million to US$37 million, DYDDY proves the fate of meme coins: after hot speculation, it is empty after all.

Kanye and the bragging dad: a complex "brotherhood"

DYDDY The confusion is inseparable from the confusing relationship between Kanye and the bragging father. As two legendary figures in the music industry, their friendship has long surpassed ordinary friendship. Kanye has repeatedly publicly supported bragging daddy, even though the latter is involved in a legal scandal. In 2024, after Bragging Dad was arrested on allegations of extortion and sex trafficking, Kanye not only did not draw a line with him, but instead called him his "twins", and even wore a bragging Dad's T-shirt in a controversial interview. A recording of a call leaked from prison was used by Kanye in his new song "Lonely Roads Still Go to Sunshine", showing that his bragging father was still cheering him up in prison. This kind of "brotherhood" seems to be traced to the DYDDY incident. The choice of coin name and the timing of Kanye’s forwarding make people wonder whether this is an intentional marketing gimmick.

However, this relationship also complicates Kanye’s motivations. Is DYDDY's tweet a simple prank? Is it an obscure support for bragging dad? Or Kanye’s usual “creating chaos” style? Kanye’s actions in the crypto circle in recent years—including rumors of issuing his own tokens—has made people question his intentions. On the X platform, there are speculations that Kanye may have some connection with the DYDDY team, but there is a lack of evidence to support it. Regardless of the truth, Kanye's actions once again proved his influence: a tweet can make the market value soar and investors lose all their money. This kind of "brotherhood" may be true or hype, but for addresses A and B, the price is too painful.

Celebrity Coin Effect Dysfunction: From DYDDY to Yuya Mikami Coin

Kanye’s DYDDY incident is not an isolated case, but a microcoin of the increasingly ineffective endorsement of celebrities. Just a few days ago, the $Mikami coin associated with Japanese adult film star Yua Mikami was launched, which also triggered a brief hot speculation, but it plummeted when it was listed, and its market value evaporated by more than 60% from its high point. Like DYDDY, the $Mikami coin also lacks substantial content, and is purely supported by Yuya Mikami's fame and fan economy. Investors flocked in under FOMO, but were quickly trapped. The X platform was filled with complaints of "another celebrity coin scam".

The magic of celebrity endorsement is fading. In 2021, Kim Kardashian and Floyd Mayweather promoted EthereumMax has plunged after a plunge, revealing the risk of celebrity coins. Nowadays, the successive collapse of DYDDY and $Mikami coins further proves that the market's superstition of "celebrity = getting rich" is no longer effective. The regulation of the crypto market is still in a gray area, and celebrities do not need to bear legal responsibilities like the stock market to push coins, which makes speculators even more vulnerable. The $698,700 loss at addresses A and B, and the bloody and tears of investors in $Mikami coins, are reminding people that the celebrity effect may ignite the popularity, but it is often the wallets of retail investors that burn. X The previous user summed up ingeniously: "The coins recommended by celebrities are like their albums: Just listen, don't take them seriously."

Conclusion: The circus of meme coins never stops

DYDDY The storm is a microcosm of the absurd ecology of the crypto circle: a celebrity tweet, an empty token, leaving behind a mess. With his unique talent for chaos, Kanye West set off a roller coaster with a market value of $160 million to $37 million, and also cost $698,700 in expensive tuition fees for Address A and B. This is not only a personal tragedy, but also a wake-up call to the meme coin speculation culture. DYDDY is not about technological innovation or financial freedom, it is a mixture of hype, impulse and human greed.

Crypto circus will not stop, there will always be new meme coins, new celebrity endorsements, new FOMO traps. What investors can do may only be sober from the lessons of DYDDY and $Mikami coins: Don’t let the halo of celebrities blind judgments, and don’t let FOMO get lost. Next time Kanye throws out an encrypted hint, maybe close his wallet, open his classic album "Yeezus" and quietly experience the real genius - at least, music won't make you lose money.