Kanye West Denies Connection to YZY Tokens, Plans Cryptocurrency Launch
Ye has denied any association with current YZY tokens, stating he plans to launch his own cryptocurrency next week. His previous rejection of digital assets contrasts with this announcement.
- On February 22, Ye clarified that all existing tokens using his name are unauthorized, labeling them as fake.
- His declaration elicited mixed reactions; some view it as a potential scam while others suggest strategic timing for the launch.
- Nate Geraci, President of ETF Store, advised caution to potential investors, warning of possible losses.
- Several YZY-branded tokens have emerged on the Solana-based launchpad Pump.fun, hinting at an official token launch.
- A press release from Hussein Lalani, Yeezy’s CFO, reportedly confirmed the project.
- The proposed token structure allocates 70% of the supply to Ye, 20% for investors, and 10% for liquidity, with part of his holdings locked for one year.
- Polymarket estimates a 71% chance of the token launching this month, with over $18 million wagered on its debut.
- This project arises amid concerns about the legitimacy and market impact of celebrity-backed meme coins.