Kanye West, a leading American rapper and record producer, announced his plan to launch his own cryptocurrency this week, denying his association with currently circulating YZY tokens. The token could potentially be linked to the Yeezy brand and can utilized on its website, however, its potential structure has not been revealed yet.
Kanye West, popularly known as Ye has announced the launch of his new coin this week, aiming to establish a censorship-free economy around his Yeezy website with his own digital asset. He also claimed that all the coins currently circulating as his coins are fake and he has no link with it.
According to reports YZY coin is expected to be the official currency of the Yeezy website, a clothing brand owned by Kanye West, allowing fans to buy the products directly. Earlier, platforms like Shopify broke ties with the artist after a series of hateful and evil tweets on X, and with this token launch, Kanye aims to boost the brand without depending on such platforms.
From a crypto skeptic to launching a meme coin, Ye’s act has created speculations, many suggesting a possible fraud risk.
YZY, The Official Token Of The Ye’s Website Yeezy
YZY is a soon-to-launch meme coin named after the Yeezy clothing brand owned by Kanye West. The coin will serve as the official currency of the website and facilitate network transactions. With the token launch, fans can buy the website’s product directly without relying on platforms like Shopify, which has already severed ties with Yeezy.
The token distribution indicates centralization, as a major part of the token is allocated to Ye. According to reports, 70% of the total supply will be distributed to Ye, and from the remaining 30%, 10% will be allocated to liquidity and 20% will be allocated to investors. The YZE token follows a mult-phase vesting schedule, with some tokens locked up for 12 months.
The heavily skewed distribution indicates that Ye’s meme coin is inspired by $TRUMP, the meme coin launched by American President Donald Trump, ahead of his positioning, which also showed a similar centralized structure.
Though the launch was scheduled for Thursday, it will be delayed following the controversy surrounding Javier Milei, the Argentine president’s Libra token launch, whose price surged and diminished drastically a few hours after the launch.
From A Crypto Skeptic To A Meme Coin Owner
Ye was known to be a crypto skeptic, he always had a concerning approach towards crypto. Once he shared on his X post that he is not doing a coin, instead he makes products. He revealed that coins prey on the fans with hype similar to hyped-up sneakers culture. He also added that he has enough wealth and doesn’t need to use meme coin hypes to gain profits.
And now, he has announced his own meme coin, creating a spark of speculation among investors. However, it is too early to predict the legitimacy and utility of the YZY token, let’s hope it won’t be the next Libra token.