Kanye West, now known as Ye, has denied any involvement with the YZY tokens circulating in the market, asserting that he will introduce his own cryptocurrency next week.
This statement follows his earlier dismissal of any interest in digital assets, adding a fresh twist to the speculation surrounding his stance on crypto.
Kanye West Says Existing YZY Tokens Are Fake
In a post on February 22, Ye made it clear that he has no ties to the YZY tokens currently in circulation. He emphasized that all existing coins using his brand are illegitimate and reaffirmed his intention to launch his own cryptocurrency soon.
“All current coins are fake. I’m launching next week,” Ye wrote on X.
His announcement has sparked mixed reactions within the crypto community. Some critics believe his project could turn into another celebrity-backed rug pull.
Others pointed out that his latest move contradicts his earlier statement, where he distanced himself from launching any token. Meanwhile, some supporters advised him to time the launch carefully to avoid market volatility.
Nate Geraci, President of ETF Store, issued a warning to investors, stating that anyone choosing to invest in Ye’s crypto should be prepared for potential losses.
“If he (ye) launches and you buy & lose…it’s on you. Nobody to blame. I don’t want to hear about crypto regulation, rug pulls, scams, etc. It’s a wealth transfer from you to insiders. You’re spinning broken roulette wheel,” Geraci added.
Speculation Grows Around Ye’s Crypto Move
Ye’s announcement follows reports of multiple YZY-branded tokens appearing on the Solana-based launchpad Pump.fun. These developments fueled speculation that he was indeed planning a token launch.
Other reports claim that Ye is actively working on a YZY token linked to his Yeezy fashion brand. Publications like CoinDesk allegedly received a press release from Hussein Lalani, who is said to be Yeezy’s Chief Financial Officer, along with other sources familiar with the project.
Details surrounding the token’s structure indicate that Ye could control 70% of the supply, with 20% allocated to investors and 10% reserved for liquidity. A portion of his holdings would reportedly be subject to a one-year vesting period, preventing immediate access.
While an official launch date remains uncertain, speculation continues to build. Data from Polymarket, a decentralized prediction platform, currently suggests a 71% probability of the token debuting this month, with more than $18 million wagered on its release.
Ye’s latest move adds to the unpredictable phase of celebrity and political meme coins that’s plaguing the industry right now. Such endorsed tokens have caused notable chaos in the market in the past weeks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
