Kanye West, now known as Ye, has stirred the crypto community with a series of controversial statements on X (formerly Twitter). These include hints at launching a memecoin and potentially creating his own 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 complexities of using decentralized exchanges (DEXs). Following this, Ye expressed frustration over not being able to contact CZ, to which CZ replied with 'DM’ed you.' The most controversial moment came with a now-deleted tweet mentioning 'Swasticoin,' which Ye claimed would be listed on a DEX. These actions fueled discussions about a potential new cryptocurrency launch, possibly a memecoin like $YZY.
Rumors of a $YZY Token
Ye also alluded to plans for a cryptocurrency, potentially named $YZY, tied to his Yeezy brand. CoinDesk reports suggest $YZY was designed as an official currency for Yeezy’s website. Initially scheduled for February 20, its launch has been delayed. Ye considers creating his own blockchain network, discussing possibilities of using Ethereum, Solana, or BNB Chain.
Control over Kanye’s X Account and Rug Pull Concerns
Many users are skeptical that Ye himself is controlling his X account, with some speculating it may be compromised. Doubts were heightened with a video post possibly using deepfake technology. These developments have led to speculation about an imminent cryptocurrency launch, potentially a 'rug pull'—where funds are raised, but the project later turns out to be a scam. The token distribution strategy also mirrors the $TRUMP token, where 70% remains with insiders. Other failed celebrity-backed crypto startups like $LIBRA and $BABY amplify skepticism around Ye’s project's success.
Despite the intrigue and expectations, Kanye West’s planned crypto ventures encounter significant concerns. The uncertainty about his account control and token distribution raises caution over the potential for repeating failures seen with other celebrity-led projects.
