In a now-deleted X post, Ye disclosed that all presently circulating YZY are phony, igniting a new round of dispute in the crypto world.
The Polymarket chances of the token’s imminent debut have surpassed 60%, raising concerns about its authenticity.
This is hardly surprising given that many investors have yet to recover from the rippling impact of last weekend’s LIBRA token pump-and-dump incident involving Argentina’s president, Javier Milei.
With YZY replicating the centralized tokenomics structure of LIBRA and other high-profile celebrity meme currencies such as TRUMP and MELANIA, market watchers anticipate its introduction will cause further meme coin instability in the larger market.
Will Kanye West’s New Meme Coin Overcome the Odds and Follow the Same Pump-And-Dump Pattern as Its Predecessors?
For far too long, the cryptocurrency market has seen a slew of celebrity misfires, particularly with the sponsorship and introduction of new meme currencies. These celebrity-backed initiatives frequently turn out to be fast money grabs, depriving unwary members of the investing community of their funds.
The most recent one, LIBRA, involves President Milei. The abrupt rise and collapse of this enterprise caused market-wide indignation, with investors losing millions of dollars in the crisis.
While Milei has since retracted his endorsement, calls for his impeachment have grown, and a recent Reuters story indicated that a federal judge has been appointed to probe the extent of his role in the controversy.
However, the method in which LIBRA and other purported rug pulls were introduced has already sparked tremendous hostility toward celebrity-based meme currencies. Blockchain security specialists such as Yu Xian are concerned about the rising number of meme currency frauds, pointing out that scammers sometimes pay celebrities to promote new launches and claim they were hacked.
Xian’s perspective is consistent with Kanye West’s remark in early February, in which he described how a bunch of scammers approached him and asked him to promote a bogus Ye meme coin using his account. The self-proclaimed “Nazi” claimed he was given $750,000 upfront and an additional $1.25 million, which he turned down.
He said currencies prey on followers, adding that he is “too wealthy to issue tokens; tokens are simply a fraud to exploit supporters!”
With so many celebrity hacks reported in recent years, Kanye’s disclosure shows that the majority of these accusations may be false. That implies many influencers knowingly engaged in these schemes, endorsing them on their social media platforms only to subsequently claim hacking.
However, after declining the chance to promote Ye, it appears Kanye is covertly preparing to introduce his token YZY before the end of February 2025.
Industry observers are citing the project’s centralized tokenomics and Kanye’s contentious history as warning signs, prompting speculation about a potential future rug pull.
There are whispers that Kanye may not release the impending YZY meme coin. In a February 22 tweet, a Web3 researcher known on X as Pix said that Kanye’s account was purchased for $17 million by a man who supposedly “rugged” various projects, including Metaluxe and Jenner.
Others, like Nate Geraci, president of ETF Store, have urged investors not to buy in Kanye’s YZY coin, stating that those who do should be prepared to lose money.
As the discussion about the authenticity of Ye’s YZY meme currency rages on, let’s look at its key principles and anticipate where it may go once it launches.
After losing many commercial relationships with Shopify and other major firms as a result of his antisemitic rants, Kanye is turning to cryptocurrency to increase his star profile.
According to CoinDesk, his new meme cryptocurrency, YZY, will serve as the official money for his Yeezy brand, allowing holders to make purchases directly on the website.
While the actual token has yet to go online, numerous YZY meme coins have already appeared on Solana’s Pump.fun, which Ye previously called fraudulent.
However, there seems to be a great deal of uncertainty surrounding the planned YZY debut, with some experts even dismissing it as a potential flop.
Also Read: Author of ‘Rich Dad Poor Dad’ predicts Bitcoin will reach $13 million
