Over the weekend, Kanye West, now known as Ye, caused a stir in the crypto world with hints at launching his own meme cryptocurrency and discussions of a blockchain.
Speculation Around Ye's Cryptocurrency
Ye's activity on X began with a retweet of Binance co-founder Changpeng “CZ” Zhao, discussing the difficulty of using decentralized exchanges. Ye followed CZ briefly before unfollowing. The most notable moment was a deleted post mentioning a cryptocurrency called 'Swasticoin'. Later, Ye deleted another tweet stating: 'All current coins are fake. I’m launching next week,' sparking rumors of a 'YZY' cryptocurrency tied to the Yeezy brand.
Controversy Over Ye's Account
Many in the crypto community are skeptical of Ye's involvement, suspecting his X account may have been compromised. Dave Portnoy of Barstool Sports commented there's 'zero chance Ye is managing his account.' Further doubts arose after a video was posted that appeared to be AI-generated or a deepfake, rather than a genuine recording.
Concerns of Financial Maneuvering
Despite interest in the potential launch of $YZY, there's caution it might be another attempt to scam investors. Reports suggest Ye's team plans to hold 70% of the token supply, leaving only 10% for liquidity and 20% for investors, mirroring the $TRUMP token structure. Critics argue such arrangements favor early investors and leave others with losses as the hype fades.
Ye's foray into cryptocurrency raises questions, given his history of business failures and controversial decisions. It's uncertain if $YZY will emerge as a serious project or another tumultuous venture in his career.
