Altcoin
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US rapper Kanye West is reportedly set to launch a meme coin by the end of the week. Dubbed $YZY, the coin is expected to provide holders with some utility while guarding against price drops.
A Flurry Of Activity Around The Kanye West Memecoin Launch
While details around the Kanye West meme coin remain sparse, insiders say the project is steamrolling ahead. According to reports, $YZY will operate as the official currency for the Yeezy brand and website amid the recent backlash against the rapper.
Following the alleged anti-semitic rhetoric by Kanye West, Shopify shut down his online store, forcing the rapper to explore digital assets. Per the internal documents, $YZY will be accepted as payment on the rapper’s website, providing an alternative to mainstream platforms.
Sources say 70% of the Kanye West memecoin is earmarked for the rapper, while 20% will go to investors. 10% of the tokens will be deployed for liquidity provisioning, an attempt to mirrorthe tokenomics of top meme coins like Dogecoin.
A Botched Launch For $YZY
Originally scheduled for launch on February 20, $YZY has hit a series of stumbling blocks. For starters, the rapper has deleted previous posts on X alluding to the launch of the meme coin.
The 47-year-old rapper has also taken down conversations involving Binance founder Changpeng Zhao linked to the incoming $YZY. Public enthusiasm for the project waned after Kanye West adopted a Nazi stance with the proposed launch of “Swasticoin.”
For now, it remains unclear if the Kanye West meme coin will see the light of day. A Polymarket bet has been launched, with 36% predicting that the rapper will launch a coin before the end of February.
Sentiments Have Changed For The Kanye West Memecoin
Following delays and erratic posts on X, optimism among investors has been dampened for $YZY. Kanye West disclosed on the social media platform that he no longer has control of his X account, but a cross-section of users are chalking it up to the rapper’s eccentricity.
The high-profile price slump of the scam $LIBRA token linked to the Argentine President has left investors with a sour taste in their mouths. Despite negative sentiments, investors are still scanning the horizon for early access to a Kanye West meme coin.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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