Ye's Crypto Launch: Hype or Hazard?
Following reports of numerous YZY-branded tokens appearing on the Solana-based launchpad, Pump.fun, Kanye West (now known as Ye) has publicly denied any involvement, claiming these tokens are illegitimate. He further announced his intention to launch his own cryptocurrency next week.
Ye Denounces Existing YZY Tokens
In a February 22nd post, Ye stated unequivocally that all currently circulating YZY tokens are fraudulent. He emphasized his lack of association with these projects and reiterated his plan for an imminent cryptocurrency release.
“All current coins are fake. I’m launching next week,” Ye wrote on X.
Expert Concerns and Community Reaction
This announcement has triggered a mixed response. Some observers express skepticism, fearing a repeat of past celebrity-endorsed rug pulls. Others highlight the contradiction between Ye's current actions and his previous disinterest in digital assets. Many advise caution given the inherent volatility of the cryptocurrency market.
Nate Geraci, President of ETF Store, warned potential investors: "If he (Ye) launches and you buy & lose…it’s on you. Nobody to blame."
Speculation Mounts Around Ye's Crypto Project
Reports suggest Ye is actively developing a YZY token tied to his Yeezy fashion brand. Publications like CoinDesk reportedly received a press release from individuals claiming to be associated with the project, outlining a token structure where Ye potentially controls 70% of the supply, with 20% allocated to investors and 10% for liquidity. A portion of Ye's holdings will reportedly be subject to a one-year vesting period.
Polymarket, a decentralized prediction platform, shows a 71% probability of a token launch this month, with over $18 million wagered on this outcome.
While the official launch date remains unconfirmed, the high level of speculation underscores the current climate of celebrity- and politically-influenced meme coins. These projects, in recent weeks, have generated significant market volatility.
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