What Happened?
In the early morning of May 9, 2025, a dramatic event erupted at the intersection of global entertainment and the crypto world. Rap icon and fashion pioneer Kanye West (now known as Ye) reposted a tweet containing the contract address of the meme coin DYDDY on X platform.
This seemingly casual repost was like dropping a nuclear bomb in the crypto market, instantly igniting speculators' enthusiasm. According to on-chain monitoring service OnChain Lens, two investors - let's call them Address A and Address B - quickly acted driven by FOMO. Address A spent $632,200 to purchase 8.67 million DYDDY tokens, while Address B invested $544,800 to acquire 4.46 million tokens. However, just hours later, DYDDY's price plummeted, with Address A losing $316,700 and Address B suffering an even more severe loss of $382,000, totaling $698,700 in losses.
The background of this turmoil is shocking. Before Kanye's repost, DYDDY had existed for only 7 hours, with its market value briefly soaring to a peak of $160 million, attracting numerous eyes. However, the bubble quickly burst, and currently, DYDDY's market value has shrunk to $37 million, a reduction of nearly 80%. On-chain data also revealed a bizarre detail: a top trader precisely bought in before Kanye's repost, earning a $1 million windfall, sparking speculation of insider trading. Kanye's tweet not only triggered a speculative frenzy but also exposed the fragility of the meme coin market: celebrity effect, FOMO sentiment, and tokens lacking fundamental value created a doomed carnival. This farce was not just a financial Waterloo for two investors but another satire of the crypto world's speculative culture.
What is DYDDY: A Narrative Based on Controversy
DYDDY's birth can be described as a "rapid legend" in the meme coin realm. As a typical meme coin, it has no whitepaper, no clear purpose, and not even a decent official website. Its entire narrative seems to revolve around one name: Diddy, or Sean "Puffy" Combs, the music mogul embroiled in extortion and sex trafficking allegations. DYDDY's naming seems like a mockery of Puffy or some kind of crypto "tribute", but this bold choice is more like naming a ship "Titanic II" - both provocative and dangerous.
In the meme coin world, 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 chose a controversial figure as its selling point, attempting to generate heat by leveraging Puffy's fame and Kanye's endorsement. Kanye's tweet instantly ignited this narrative, pushing DYDDY's market value to $160 million. However, the lack of fundamental support quickly exposed its weakness. On-chain data shows that many early token holders sold at the peak, leaving only a crashed aftermath for FOMO chasers. Some users on X even joked: "DYDDY's only use case is to remind you not to trust coins promoted by celebrities." From a $160 million to a $37 million market value, DYDDY proved the destiny of meme coins: after hot speculation, ultimately nothing.
Kanye and Puffy: A Complex "Brotherhood"
Behind the DYDDY controversy lies the intricate relationship between Kanye and Puffy. As two legends in the music industry, their friendship has long transcended ordinary camaraderie. Kanye has repeatedly publicly supported Puffy, even when the latter was embroiled in legal scandals. In 2024, after Puffy was arrested on extortion and sex trafficking charges, Kanye not only did not distance himself but called him his "twin", and even wore Puffy-designed T-shirts in controversial interviews. A leaked prison phone call was used by Kanye in his new song "Lonely Roads Still Go to Sunshine", showing Puffy still encourages him from jail. This "brotherhood" seems traceable in the DYDDY event. The coin's name and the timing of Kanye's repost raise suspicions about whether this was an intentional marketing gimmick.
However, this relationship makes Kanye's motives more complex. Was the DYDDY tweet a simple prank? A subtle support for Puffy? Or Kanye's typical "chaos-creating" style? Kanye's recent moves in the crypto world - including rumors of issuing his own token - have raised questions about his intentions. On X, some speculated that Kanye might have some connection with the DYDDY team, but without supporting evidence. Regardless of the truth, Kanye's actions once again proved his influence: a single tweet can cause market value to soar or lead investors to financial ruin. This "brotherhood" might be genuine or just publicity, but for Addresses A and B, the cost was unbearably painful.
Celebrity Coin Effect Exhausted: From DYDDY to Yua Mikami's $Mikami Coin
Kanye's DYDDY incident is not an isolated case but a microcosm of the declining effectiveness of celebrity-endorsed meme coins. Just days ago, the $Mikami coin associated with Japanese adult film star Yua Mikami was launched, similarly causing brief excitement before immediately crashing, with market value evaporating over 60% from its peak. Like DYDDY, $Mikami coin lacks substantial content, purely supported by Mikami's fame and fan economy. Investors rushed in under FOMO, quickly getting trapped, with X platform filled with complaints about "another celebrity coin scam".
The magic of celebrity endorsement is fading. In 2021, EthereumMax, promoted by Kim Kardashian and Floyd Mayweather, crashed and led to lawsuits, exposing the risks of celebrity coins. Now, the consecutive collapses of DYDDY and $Mikami coin further prove that the market's belief in "celebrity = instant wealth" no longer holds. The crypto market remains a gray area for regulation, with celebrities promoting coins not facing the same legal responsibilities as in the stock market, making speculators more vulnerable. The $698,700 loss of Addresses A and B, along with $Mikami coin investors' tragic stories, all remind people that while celebrity effect might ignite excitement, it often burns retail investors' wallets. A user on X summarized it perfectly: "Coins promoted by celebrities are like their albums: listen, but don't take them seriously."
Conclusion: The Meme Coin Circus Never Stops
The DYDDY controversy is a microcosm of the absurd ecosystem in the crypto world: a celebrity tweet, an empty token, leaving behind a mess. Kanye West, with his unique chaotic genius, triggered a roller coaster ride from $160 million to $37 million in market value, making Addresses A and B pay an expensive $698,700 tuition fee. This is not just a personal tragedy but a warning about meme coin speculative culture. DYDDY is not about technological innovation or financial freedom; it's a mixture of hype, impulse, and human greed.
The crypto circus won't stop, with new meme coins, new celebrity endorsements, and new FOMO traps always emerging. What investors can do is perhaps learn from the lessons of DYDDY and $Mikami coin: don't let a celebrity's aura cloud your judgment, and don't let FOMO overwhelm your mind. The next time Kanye throws out a crypto hint, you might as well close your wallet, open his classic album 'Yeezus', and quietly appreciate a true genius - at least, music won't make you lose money.
