- Kanye West has announced plans to launch a meme-based cryptocurrency called “$YZY”
- This move follows a series of antisemitic remarks and controversial behavior from the artist
- The crypto community has expressed concern over the optics of West’s shameless money grab
Rapper turned Nazi sympathizer Kanye West recently unveiled intentions to introduce a meme-inspired cryptocurrency dubbed “$YZY,” a move which has resulted in a surprising backlash from the usually right-wing crypto space. This announcement comes on the heels of a series of antisemitic statements and contentious actions by West, raising apprehensions within the crypto community about the potential damage to the industry’s public image. The community has also criticized the alleged sale of West’s X account to an individual with a big reputation in the meme coin scene, stoking fears that many thousands of people could be rug-pulled.
Rug Pull Fears
In a series of seemingly now-deleted cryptic posts on X, West hinted at the imminent launch of “$YZY,” stating, “I’m launching next week, all current ones are fake.” This announcement has generated significant buzz within the crypto community, especially following reports that West may have partially sold administrative access to his X account, which boasts over 32 million followers, to meme coin traders. It also comes two weeks after West received praise for rejecting a $2 million offer to be part of a pump-and-dump project in his name.
Specifically, allegations have surfaced suggesting that West’s account access was sold to an individual known as Barkmeta, a figure prominent in the meme coin trading scene. These claims have been met with skepticism and concern, as such actions could undermine the trust and authenticity associated with the project, leading to the kind of rug pull recently seen with the $LIBRA project, which threatens to bring down the Argentine government.
West Retains 70% of Supply
The proposed tokenomics of “$YZY” indicate that West would retain a substantial portion of the coin’s supply, with reports suggesting an allocation of 70% directly to him, 10% designated for liquidity, and the remaining 20% for investors. This distribution model has sparked debates within the crypto community about potential centralization and the risks of market manipulation.
Critics argue that such a significant concentration of tokens in the hands of a single entity could lead to volatility and undermine the decentralized ethos that many cryptocurrencies strive to uphold. However, such splits have become common in coins created by celebrities, as was evident with the tokens launched by Donald and Melania Trump, who each retained huge percentages of the supply.
Crypto Industry Finally Draws a Line in the Sand
The convergence of West’s controversial actions and his foray into the cryptocurrency space has sparked significant concern among industry stakeholders, who finally seem to have drawn a line in the sand as to how far right they are willing to go. Reports have surfaced alleging West’s relapse into substance abuse, specifically the use of nitrous oxide, which insiders claim has adversely affected his cognitive functions and decision-making processes.
Many fear that West’s association with crypto could exacerbate existing public skepticism and reinforce negative stereotypes about the sector, while his recent history of promoting hate speech and extremist views will have the effect of smearing faeces on the reputation of the digital asset space, which is only just starting to legitimize itself.
In light of these developments, prominent figures within the crypto industry are voicing their apprehensions, while a consensus is growing that West’s actions could undermine the progress made in fostering a positive and innovative image for digital currencies. Needless to say, we advise our readers to stay well clear of any coins associated with Kanye West, and celebrities in general, but if you must dabble, only use a small portion of your wealth to do so.
