The renowned musician Kanye West, now known as Ye, denies any link with YZY tokens in the market and announces his intention to launch his own cryptocurrency. This announcement comes as a surprise since he previously criticized digital assets.
Kanye West's Statement and Public Reaction
On February 22, Ye posted on social media platform X, stating that all tokens using his name are unauthorized. He declared, "All current coins are fake. I’m launching next week." This news has received mixed reactions, with some suspecting it could be another celebrity scam, while others suggest timing the launch wisely.
Criticism and Warnings
Critics point out that Ye's new interest in crypto contradicts his earlier views. Nate Geraci, President of ETF Store, advised caution to potential investors, warning that buying Ye's token might lead to losses. He emphasized that if things go wrong, there would be no one to blame.
Emergence of YZY Tokens and Future Plans
Recently, several YZY-branded tokens appeared on the Solana-based launchpad Pump.fun, leading to speculation about an official token launch. Some reports suggest Ye is developing a token linked to his Yeezy brand. In a press release received by CoinDesk, Hussein Lalani, claimed to be Yeezy’s CFO, confirmed the project. Details about the token indicate that Ye might control 70% of the supply, with 20% for investors and 10% for liquidity. Part of his holdings may be locked for one year to prevent immediate selling.
Kanye West's announcement of launching his own cryptocurrency has sparked a lot of speculation. While he has yet to prove his intentions, the market is poised for his next moves.
