Plus: Kanye West enters crypto

GM. We got the juice & the sauce - and we're keeping you hydrated.

On the menu today:

🍍 Jerome Powell's Jackson Hole speech.

👀 The YZY memecoin drama.

🍋 Bitcoin investor loses $2.8M, Sam Altman acknowledges OpenAI's mistake + more

🍍 Market flavor today

Crypto Market Cap: $3.85T 0.01% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$112,202.84	-0.64%	-5.48%
	Ethereum ETH	$4,235.35	1.08%	-9.16%
	XRP XRP	$2.86	-0.47%	-8.35%
	BNB BNB	$840.53	2.02%	-1.20%
	Solana SOL	$183.13	1.42%	-6.89%

What you’re seeing on the charts today is the market being cautious before Jerome Powell’s Jackson Hole speech, which is happening tomorrow at 10 AM ET.

Why the fuss? Investors will be listening to see if he hints at cutting interest rates when the Fed meets on September 17.

(And a rate cut = usually good for crypto.)

Powell's Jackson Hole speeches have a track record of showing where Fed policy is heading:

👉 In 2022, he said that fighting inflation was the top priority → the Fed followed through with aggressive rate hikes;

👉 In 2023, he said restrictive policy was still needed but admitted progress had been made → the Fed kept rates high for longer;

👉 In 2024, he hinted it was time to ease up → the Fed delivered a 50 bps cut that September.

Now, when J Pow last spoke in July, he was still hawkish - he argued that the labor market was solid and inflation was too high.

But things have gotten tougher since then: jobs data now looks weaker, but tariffs are keeping inflation sticky. Sooo:

👉 If they cut rates too soon, inflation could reignite;

👉 But if they wait too long, the economy could slow down further.

Despite this tricky combo, markets are leaning heavily toward cuts:

That’s why tomorrow’s speech is such a big deal.

If Powell doubles down on inflation worries and brushes off weaker jobs numbers, markets could get flabbergasted - since most are expecting lower rates - and crypto prices would likely drop along with stocks.

🥝 Memecoin harvest

Charts that look like a heartbeat monitor after six Red Bulls 🪽

Data as of 04:00 AM EST.

Check out these memecoins and plenty more here.

👀 Kanye West's memecoin

We’re going into degen territory today, folks.

If you opened Crypto Twitter, you prolly noticed a lot of people talking about Kanye West.

And no, this time it wasn't because he said the most unhinged, outrageous, and cancellable sh*t you’ve heard in your life.

This time, he promoted a memecoin called YZY:

According to the website, YZY's supposed to be the currency powering transactions within "YZY MONEY," a "financial system built on crypto rails."

But it ended up being yzy money for insiders, who, according to Conor Grogan, a director at Coinbase, held at least 94% of the total supply.

The coin reached a $3B market cap in under an hour, then crashed back down to around $1B just as quickly.

Is anyone surprised? Absolutely not. Almost every celebrity memecoin to date has ended the same way - fast pump, faster dump.

Aaand there’s more tea. Some crypto influencers are convinced that Hayden Davis might be behind the YZY launch.

If you're unaware of this dude - Hayden was involved with the LIBRA token rugpull (we broke that drama down here).

And people are connecting him to YZY because some things line up a little too well:

👉 The launch looked exactly like LIBRA’s - no website, no whitepaper, no docs. Just a well-known person posting the contract address;

👉 The hype wasn’t organic either - a bunch of the same X accounts that hyped Davis' old projects started shilling YZY;

👉 YZY launched with barely any liquidity, which caused a quick price increase before liquidity shifted and insiders dumped. This also happened with LIBRA;

👉 And the timing was the final red flag: YZY launched only hours after a court unfroze Davis' $57M in USDC from the LIBRA case.

Now, why are we even talking about this?

Well, partly so you can understand why your degen friend won’t shut up about it today (and you can tell 'em you read about it in your fave newsletter 😌 The Daily Squeeze, of course 😌).

But more importantly, it's a reminder: celebrity memecoins are some of the riskiest bets in crypto.

👉 Most have no product, roadmaps, or real utility, and their price depends entirely on hype;

👉 Insiders and early buyers usually dump at the top, and regular investors are left with heavy losses.

That’s why investors need to treat celebrity tokens as short-term speculation at best. If you’re buying, know you’re betting on hype cycles and attention spans - not long-term adoption.

🍋 News drops you can't miss

🎉 Get $100 just for joining. Download the Changelly app using this link anytime in August 2025, and you’ll get an exclusive $100 welcome bonus right inside the app.

🗣️ Crypto organizations are asking senators to leave the new GENIUS Act alone. They argue that the banking lobby’s proposed revisions would give big banks an unfair edge.

🚓 A Bitcoin investor in Wales lost about $2.8M. They were scammed by someone pretending to be a senior UK police officer.

🤔 a16z’s crypto policy team says zero-knowledge proofs could balance privacy with regulation. The tech lets users prove things like where funds came from without exposing every transaction detail.

🤖 OpenAI CEO Sam Altman admitted the GPT-5 launch didn’t go as planned. He said the main mistake was replacing the 4o model with GPT-5 as the default.

🍌 Juicy memes