Kanye West, now known as Ye, caused a stir in the crypto community with his cryptic tweets suggesting the possible launch of a memecoin and blockchain.
The Tweets That Started It All
Ye’s activity on X began with a retweet of Binance co-founder Changpeng 'CZ' Zhao, commenting on the difficulties of using decentralized exchanges. Ye initially followed CZ but soon unfollowed. The most controversial moment was when Ye mentioned 'Swasticoin' in a tweet, claiming he would list it on a DEX. The tweet was later deleted. Ye also expressed frustration about not being able to contact CZ, to which CZ simply replied in a direct message.
Rumors of a $YZY Token
Ye tweeted that all current coins are fake and announced plans to launch his currency next week. This sparked rumors of a forthcoming $YZY cryptocurrency associated with the Yeezy brand. Reports suggested the token was intended as the official currency on the Yeezy website for purchasing products. There was also consideration for launching a private blockchain, potentially forking from Solana or Dogecoin.
Account Control and Scam Concerns
Many in the crypto community doubt whether Ye himself controls his account, with speculation that it might have been compromised. Dave Portnoy of Barstool Sports commented that scammers might be running the account. These suspicions were heightened after a video featuring Ye was posted, which many believed to be faked.
Ye’s crypto plans have sparked both speculation and concerns. His history of erratic business decisions intensifies doubts about the potential success of such a venture. Given previous celebrity failures in the crypto realm, it remains to be seen whether Ye's project will succeed or follow the same path of hype and subsequent disappointment.
