Kanye West, or Ye, plans to launch a new crypto token, $YZY, according to a Coindesk report. This comes after a series of controversies including making antisemitic remarks and a meltdown on social media. The token will also be used as the currency for his Yeezy fashion line, providing Ye with ways to bypass traditional financial institutions.
YZY Token Details
YZY will be utilized on Ye’s website. As per reports, 70% of the overall supply will be owned by Ye himself, 10% will be reserved in liquidity, and 20% will be absorbed by investors. This is also the trend in the decentralized ownership model of other similar projects, like the $TRUMP meme currency introduced by President Donald Trump.
According to reports, Ye first tried to keep 80% of the tokens but compromised on 70% after negotiations. The launch of $YZY token was scheduled for February 21, 2025, but has been postponed considering the timing issues with recent scandals involving $LIBRA token supported by Milei in Argentina.
Controversial Background
Ye’s entry into the crypto space has not been easy. He made news this month when he went public self-identifying as a “Nazi” and then proceeded to discourse at some length on the subject of being scornful about “coins” that he described as something roughly like fad sneakers that enthusiasts were manipulating.
He even rejected a $2 million offer to promote a scam cryptocurrency. His recent statement of jumping into token launching is some kind of pivot on cryptocurrency position is contrary to his demonization of the topic.
His recent statements on social media have caused a frenzy regarding the YZY token. Ye demonstrated that he is serious about reaching out to Coinbase CEO Brian Armstrong, something which holds meaning as a real step towards his crypto endeavour.
Market Reactions and Speculations
The YZY token news has prompted turbulent betting odds on sites like Polymarket. Betting odds on the release of Ye’s token rose to 83% this week but eventually fell to about 60%. Traders are debating the authenticity of news regarding the token, with recent market behaviour indicating skepticism.
Informed individuals lodged cautionary complaints regarding the mechanism for token distribution, stating concentrated ownership can be a cause of volatile prices. Critics are concerned that celebrity tokens have a tendency to begin well and trend downward rapidly, causing injuries to retail investors.
With Kanye West set to release the YZY token, the crypto space is skeptical. With everything ending up in the pockets of Ye himself and drama in the works in the background, the likelihood of success is low. The release will be watched closely because it has the potential to impact not just Ye’s brand but the category of celebrity-branded cryptocurrencies as a whole.
