Kanye West Launches A Crypto? The Truth About YZY Coin

The YZY tokens currently circulating on the market have been the subject of rumours linking them to Kanye West, the famous singer. However, Ye has denied any involvement with these tokens, stating that he will launch his own cryptocurrency in the coming weeks.

This statement comes after Kanye had previously dismissed any connection to digital assets, marking a shift in his stance on cryptocurrencies.

Kanye West Denies Any Ties With Current YZY Tokens

Kanye clarified the situation in a post on 22 February, stating that he has no ties to YZY tokens currently circulating in the crypto market. He stressed that all tokens using his name are fake and showed interest in launching his own cryptocurrency.

He wrote on X:

"All current tokens are fake. I am launching my own cryptocurrency next week."

Kanye's announcement sparked debates in the crypto community. Many believe that the project could be yet another celebrity-backed rug pull.
Others argue that his latest move contradicts his previous statement that he does not want to enter the cryptocurrency world. Meanwhile, some support him, saying the timing of the launch will be crucial to avoid volatility.

After Kanye's statement, Nate Geraci, president of ETF Store, warned users not to invest in Ye's crypto, as it could lead to potential losses.

"If he (Ye) launches and you buy and lose... it's your responsibility. No one to blame. I don't want to hear about crypto regulation, rug pull, scams, etc. It's just a transfer of wealth from investors to insiders. You're playing roulette with a broken wheel."

New YZY Tokens Emerge After Kanye's Announcement

After Ye's announcement, several YZY-themed tokens appeared on the Solana-based Pump.fun, fuelling speculation that Kanye is indeed planning to launch a token.

According to some sources, West is reportedly actively working on a YZY token linked to his fashion brand. Coinbase has received a press release on the matter, signed by Hussein Lahani, who claims to be Yeezy's CFO.

Regarding the structure of the token, it is said that Kanye will hold 70 per cent of the total offering, 20 per cent will be reserved for investors and 10 per cent for cash. In addition, a portion of his holdings will be subject to a one-year vesting period.

Speculation continues to grow, as no official release date for the coin has yet been announced. According to Polymarket, a decentralised forecasting platform, there is a 71% chance that the token will be launched this month. The platform reported that over $18 million has been wagered on the coin's release.

Celebrity- and politics-themed cryptocurrencies are already flooding the market, and Ye's announcement represents a further contribution to this sector. However, such tokens can generate instability and negative sentiment among investors.