Ye Plans to Launch YZY Crypto Token Amid Controversy
Ye, formerly known as Kanye West, plans to launch a crypto token named YZY. The token aims to help him bypass platforms like Shopify that severed ties due to his controversial statements. Key details include:
- 70% of the YZY supply reserved for Ye
- 10% allocated for liquidity provisioning
- 20% set aside for investors
This initiative follows significant backlash against Ye, including the termination of partnerships with Adidas and Balenciaga after antisemitic remarks.
The YZY token will function as the official currency for the Yeezy brand and be accepted on his website. Initial sales were scheduled for Thursday but have been delayed to Friday.
Ye's strategy resembles Donald Trump's TRUMP meme coin, which features a high insider ownership distribution. Ye originally sought an 80% stake but settled at 70%. This could lead to substantial financial returns if the token succeeds.
However, the market is saturated with celebrity-driven tokens, often leading to short-lived price surges followed by crashes, which poses risks for retail investors. The YZY token has a multi-phase vesting schedule, locking some coins for up to 12 months.
Concerns about timing arise as the team considers recent controversies surrounding another meme coin endorsed by Argentine President Javier Milei, which was linked to a "pump-and-dump" scheme.