Rapper Kanye West Reportedly Planning to Launch $YZY Meme Coin
Rapper and designer Ye, formerly known as Kanye West, is reportedly preparing to launch his own meme coin token, $YZY, in an attempt to create a censorship-resistant financial ecosystem for his brand.
The controversial artist, who has been banned from multiple platforms for his incendiary remarks, appears to be using crypto’s decentralized nature to sidestep traditional financial systems.
The YZY token is expected to serve as Ye’s official currency and will be accepted as payment on his website.
However, the token’s highly centralized ownership structure—70% of the supply is allocated to Ye—raises concerns about its legitimacy and long-term viability.
Ye’s Foray into Crypto: The Story Behind $YZY Meme Coin
Ye’s move into cryptocurrency comes amid ongoing controversy and financial setbacks. In 2022, following his “antisemitic” remarks, major partners such as Balenciaga dropped him.
More recently, his e-commerce platform on Shopify was shut down after he listed a swastika-bearing T-shirt on his website. These developments have significantly curtailed his ability to monetize his brand through traditional channels.
With his options narrowing, Ye has turned to crypto as a potential lifeline.
According to CoinDesk, which claimed to be familiar with the project plans, YZY is designed to function as Yeezy’s official currency, providing a financial framework for his fashion empire without relying on centralized institutions.
A leaked document from Hussein Lalani, who identified himself as Yeezy’s chief financial officer, through CoinDesk detailed the token’s structure: 70% of the supply is reserved for Ye, 10% for liquidity, and 20% for investors.
The heavily centralized ownership has raised eyebrows, with critics pointing out that such allocations often favor the founder at the expense of retail investors.
The token’s launch, which was initially scheduled for Thursday at 6:00 p.m., was delayed to Friday, though no official reason was provided.
One team member, speaking anonymously, cited internal concerns about negative public perception following recent celebrity-driven crypto scandals, especially the most recent one of LIBRA.
The timing of YZY’s launch has also been scrutinized due to this recent launch from Argentina. President Javier Milei faced a political crisis after LIBRA, a meme coin he endorsed, was exposed as a pump-and-dump scheme.
— Cryptonews.com (@cryptonews) February 17, 2025
Argentina President Milei promoted a little-known crypto 'LIBRA' on X, which rapidly surged to a market capitalization of about $4.5 billion before collapsing.#Argentina #LIBRACoin #JavierMileihttps://t.co/Lxb79k7OlI
Public outrage over LIBRA’s collapse has intensified skepticism about political and celebrity-backed cryptocurrencies. Some members of the YZY team are questioning whether the project is launching too soon after the Milei sage.
Drawing Inspiration from Trump: YZY’s Insider Allocation Controversy
The structure of YZY’s tokenomics closely mirrors that of the TRUMP meme coin, which former U.S. President Donald Trump launched just before his second term.
TRUMP’s insider-heavy allocation—80% of its supply being held by a company with ties to Trump—sparked controversy but achieved significant financial success.
Ye reportedly sought a similar arrangement, initially requesting 80% of the supply before being negotiated down to 70%.
Celebrity-backed tokens have a mixed track record. Many experience brief speculative surges before crashing, leaving retail investors at a loss. The meme coins launched by Russ Millions, Jason Derulo, Iggy Azalea, and Andrew Tate are nowhere to be found now, tanking to the bottom.
YZY enters an already saturated market of influencer-driven crypto projects, many of which have been accused of exploiting fan loyalty without providing tangible utility.
Some have suggested that Ye’s holdings would be locked under a multi-phase vesting schedule, with some coins inaccessible for up to 12 months.
Despite these concerns, Ye’s controversial reputation and strong fan following could drive significant speculative interest in YZY.
However, it remains to be seen whether the token can sustain long-term value or merely serve as another short-lived meme coin.
The post Rapper Kanye West Reportedly Planning to Launch $YZY Meme Coin appeared first on Cryptonews.
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Rapper Kanye West Reportedly Planning to Launch $YZY Meme Coin
Rapper and designer Ye, formerly known as Kanye West, is reportedly preparing to launch his own meme coin token, $YZY, in an attempt to create a censorship-resistant financial ecosystem for his brand.
The controversial artist, who has been banned from multiple platforms for his incendiary remarks, appears to be using crypto’s decentralized nature to sidestep traditional financial systems.
The YZY token is expected to serve as Ye’s official currency and will be accepted as payment on his website.
However, the token’s highly centralized ownership structure—70% of the supply is allocated to Ye—raises concerns about its legitimacy and long-term viability.
Ye’s Foray into Crypto: The Story Behind $YZY Meme Coin
Ye’s move into cryptocurrency comes amid ongoing controversy and financial setbacks. In 2022, following his “antisemitic” remarks, major partners such as Balenciaga dropped him.
More recently, his e-commerce platform on Shopify was shut down after he listed a swastika-bearing T-shirt on his website. These developments have significantly curtailed his ability to monetize his brand through traditional channels.
With his options narrowing, Ye has turned to crypto as a potential lifeline.
According to CoinDesk, which claimed to be familiar with the project plans, YZY is designed to function as Yeezy’s official currency, providing a financial framework for his fashion empire without relying on centralized institutions.
A leaked document from Hussein Lalani, who identified himself as Yeezy’s chief financial officer, through CoinDesk detailed the token’s structure: 70% of the supply is reserved for Ye, 10% for liquidity, and 20% for investors.
The heavily centralized ownership has raised eyebrows, with critics pointing out that such allocations often favor the founder at the expense of retail investors.
The token’s launch, which was initially scheduled for Thursday at 6:00 p.m., was delayed to Friday, though no official reason was provided.
One team member, speaking anonymously, cited internal concerns about negative public perception following recent celebrity-driven crypto scandals, especially the most recent one of LIBRA.
The timing of YZY’s launch has also been scrutinized due to this recent launch from Argentina. President Javier Milei faced a political crisis after LIBRA, a meme coin he endorsed, was exposed as a pump-and-dump scheme.
— Cryptonews.com (@cryptonews) February 17, 2025
Public outrage over LIBRA’s collapse has intensified skepticism about political and celebrity-backed cryptocurrencies. Some members of the YZY team are questioning whether the project is launching too soon after the Milei sage.
Drawing Inspiration from Trump: YZY’s Insider Allocation Controversy
The structure of YZY’s tokenomics closely mirrors that of the TRUMP meme coin, which former U.S. President Donald Trump launched just before his second term.
TRUMP’s insider-heavy allocation—80% of its supply being held by a company with ties to Trump—sparked controversy but achieved significant financial success.
Ye reportedly sought a similar arrangement, initially requesting 80% of the supply before being negotiated down to 70%.
Celebrity-backed tokens have a mixed track record. Many experience brief speculative surges before crashing, leaving retail investors at a loss. The meme coins launched by Russ Millions, Jason Derulo, Iggy Azalea, and Andrew Tate are nowhere to be found now, tanking to the bottom.
YZY enters an already saturated market of influencer-driven crypto projects, many of which have been accused of exploiting fan loyalty without providing tangible utility.
Some have suggested that Ye’s holdings would be locked under a multi-phase vesting schedule, with some coins inaccessible for up to 12 months.
Despite these concerns, Ye’s controversial reputation and strong fan following could drive significant speculative interest in YZY.
However, it remains to be seen whether the token can sustain long-term value or merely serve as another short-lived meme coin.
The post Rapper Kanye West Reportedly Planning to Launch $YZY Meme Coin appeared first on Cryptonews.
Читать больше