Kanye West announced the upcoming launch of his cryptocurrency YZY, intended for use in his Yeezy brand. He declared all current coins are fake.
Kanye West's Announcement
Kanye West, the widely renowned musician and entrepreneur, announced in a recent X post that his new cryptocurrency YZY will be available next week. In his announcement, Kanye stated that all current coins are fake.
Rise of Expectations and Fake Coins
A day before his announcement, on the Polymarket platform, the odds of Kanye launching his token surged to 83% with a trading volume exceeding $9.3 million. However, fake YZY coins began to appear online, one of which reached a market capitalization of $15 million and had a trading volume of $33 million over the past 24 hours. Following the official announcement, this coin rapidly lost value, with its market now at $2.21 million.
Consequences and Next Steps
Kanye West intends to use YZY as the official currency for his Yeezy brand, allowing coin holders to make purchases on the official brand's website. As the cryptocurrency world continues to anticipate the launch, traders are watching for the real YZY's contract address. It is still unclear whether the real YZY will be launched on the Solana or Base platform.
Kanye West's YZY launch has captured the attention of the cryptocurrency community. Time will tell the real value of this initiative and its impact on the market.
