Kanye West, is making waves in the crypto world with the announcement of his new cryptocurrency, YZY, set to launch next week. In typical Ye fashion, he stirred controversy all over the social media space yesterday, before announcing the launch of his coin this morning, declaring that every other YZY coin currently available is fake.
This announcement comes just two weeks after a series of provocative tweets that included subjects around crypto memecoin launch, that led to Ye deactivating his X account. He returned this week, reigniting speculation with another series of cryptic tweets on Friday, just ahead of his official announcement of YZY launch.
The YZY token is part of Ye’s larger strategy to create a censorship-resistant financial ecosystem, allowing him to bypass traditional platforms that have distanced themselves from him due to past controversies. The token is set to function as the official currency on his website, enabling fans to purchase merchandise and access exclusive content directly.
Reports suggest Ye initially demanded an 80% stake in YZY but ultimately settled for a 70% allocation. The remaining supply will be split with 10% reserved for liquidity and 20% allocated to investors. While this structure grants Ye significant control over the project, it has raised concerns about centralization and investor protection.
The token’s initial launch, originally scheduled for Thursday evening, was moved to friday and now, has been rescheduled for next week per the rapper’s announcement. Despite the delay, excitement—and skepticism—continues to build within both the crypto and entertainment communities as Ye prepares to step into the digital finance arena with his signature flair.
Initial Pullback and Reservations
Ye’s return to X earlier this month added fuel to the speculation surrounding his crypto ambitions. In a series of erratic posts, he revealed he had declined a $2 million offer from an unidentified party to promote a fraudulent crypto project. The deal, according to Ye, involved keeping a deceptive promotional post live for a set period before falsely claiming his account had been hacked—a tactic that sheds new light on past celebrity crypto endorsements and supposed account breaches.
This revelation has sparked wider debate in the crypto community about the authenticity of similar incidents involving celebrity account hacks. It has led to suspicions that some high-profile “hacks” may have been carefully orchestrated promotional schemes disguised as security breaches.
In another post, Ye hinted at deeper crypto ambitions by expressing interest in speaking with Coinbase CEO Brian Armstrong about the industry. Despite these signs, he initially denied any plans to launch a coin, stating, “I’m not doing a coin,” before reversing course with the official YZY token announcement.
Celebrity Influence in the Cryptocurrency Market
Ye’s foray into the crypto space is part of a broader trend of celebrities launching their own digital assets. Notably, former U.S. President Donald Trump introduced the TRUMP meme coin, which experienced a rapid surge in value, propelling it to become one of the world’s most valuable cryptocurrencies shortly after its release. Similarly, Argentina’s President Javier Milei endorsed the LIBRA meme coin, which saw a swift rise and subsequent collapse, leading to significant financial losses for investors and legal scrutiny for Milei.
These instances highlight the volatile nature of celebrity-backed cryptocurrencies. While such endorsements can generate substantial initial interest and investment, they also carry risks of market manipulation and ethical concerns, especially when a significant portion of the token supply is controlled by the celebrity figure.
Community members and memecoin traders have equally expressed these view concerning Ye’s meme coin anticipated launch:
Quick Facts:
- Kanye West, now known as Ye, plans to launch the YZY cryptocurrency token next week, aiming to create a censorship-resistant financial platform for his brand.
- The allocation plan designates 70% of the YZY token supply to Ye, raising questions about centralization and control.
- Other public figures, including Donald Trump and Argentina’s President Javier Milei, have launched or endorsed cryptocurrencies, leading to varied outcomes
