Kanye West and the Crypto Buzz
Kanye West, also known as Ye, is reportedly launching his own memecoin called YZY. This move comes after Ye lost partnerships with companies like Adidas and Shopify due to antisemitic comments.
According to reports, 70% of the total supply of YZY will be reserved for Ye, with the remaining 30% split between liquidity and investors. The launch of this token is intended to help Ye rebuild his income.
The coin will serve as the official currency of the artist’s website https://yeezy.com/.
While the launch was initially scheduled for Thursday, it has been delayed. Traders have been eagerly awaiting the launch, with several fake YZY coins already appearing. One fake token even achieved a market cap of $15M with $33M in volume over the last 24 hours. However, when Kanye announced his plans for the real YZY’s launch, the fake coin’s market cap rapidly fell.
Ye’s decision to launch a memecoin follows a period of controversial tweets and a brief deactivation of his X account. He had previously hinted at launching his own coin and even attempted to reach out to Coinbase CEO Brian Armstrong, but later stated that he wasn’t launching any coins.
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