Kanye West, now known as Ye, stirred the crypto community over the weekend with a series of posts on X (formerly Twitter). He hinted at launching his own memecoin and even mentioned plans for a blockchain.
The Tweets That Started It All
Ye’s activity on X began with a retweet of Binance co-founder Changpeng Zhao, where CZ commented on how decentralized exchanges can be difficult to use. Ye then followed CZ, only to unfollow him shortly after. Later, Ye tweeted mysteriously dropping the name 'Swasticoin', claiming his intention to list it on a decentralized exchange before deleting the message.
Rumors of a $YZY Token
Another tweet from Ye pointed all eyes to the possibility of a new cryptocurrency, tentatively titled $YZY, by declaring that all current coins were fake. The idea was that $YZY would be the official currency for the Yeezy website, allowing fans to make direct purchases. However, the launch faced delays, and amidst comments Ye was soliciting recommendations on suitable blockchain networks, even contemplating launching his own blockchain.
Is Ye Even in Control of His X Account?
Skepticism is rampant regarding whether Ye actually controls his X account. Barstool Sports founder Dave Portnoy stated that the account is controlled not by Ye himself but by scammers exploiting his name. Suspicions were furthered by a video posted by the account appearing to show Ye, with many users suggesting it was an AI-generated clip rather than genuine footage.
Despite the widespread speculation, the potential launch of $YZY raises significant concerns. Ye’s track record with business ventures and the centralized nature of the token ownership prompt worries that this could be yet another celebrity manipulation in the making. With his ongoing business struggles, the future of any of his crypto endeavors remains uncertain.
