Kanye West, now known as Ye, stirred up the crypto world with a series of posts on X (formerly Twitter), hinting at launching his own memecoin and blockchain.
Kanye's Controversial Tweets
Ye's activity on X started with a retweet of Binance co-founder Changpeng 'CZ' Zhao. He later mentioned a cryptocurrency called 'Swasticoin,' which he planned to list on a DEX before deleting the tweet. Ye also expressed frustration over not being able to contact CZ, who replied that he had sent a DM. This exchange sparked rumors about Ye possibly preparing to launch a cryptocurrency.
$YZY Project and Potential Blockchain
Speculation increased when Ye tweeted about launching his currency next week, accusing existing coins of being fake—a tweet he later deleted. CoinDesk reports suggest that $YZY could become the official currency for Yeezy's website, allowing fans to buy products directly. The launch, initially set for February 20, was delayed. Ye also expressed interest in creating a blockchain platform, considering forking Solana or Dogecoin.
Skepticism and Project Risks
Skepticism about Ye's statements is high within the crypto community. There are suspicions that his X account may be compromised, with activities possibly being a scam. Furthermore, the potential launch of $YZY raises concerns about centralized token ownership, similar to other failed celebrity crypto ventures that left ordinary buyers facing losses once the hype faded.
The foray into the crypto market is generating considerable interest, but celebrity-backed projects remain risky. Whether Ye can avoid the pitfalls faced by other famous personalities is yet to be seen.
