Kanye West, now known as Ye, has denied any involvement with the YZY tokens circulating in the market. He clarified that all existing coins using his name are fake and announced plans to launch his own cryptocurrency next week.
His statement comes after he previously distanced himself from digital assets, adding another twist to the speculation surrounding his stance on crypto.
Ye Says Existing YZY Tokens Are Fake
On February 22, Ye took to social media to dispel rumors about his involvement with the YZY tokens.
His announcement has sparked mixed reactions within the crypto community. Some investors believe it could be another celebrity-backed rug pull, while others think it’s a legitimate business move.
Speculation Grows Around Ye’s Crypto Plans
Ye’s crypto move follows reports of multiple YZY-branded tokens appearing on the Solana-based launchpad Pump.fun. This fueled rumors that he was indeed preparing for a token launch.
Some sources claim that Ye is developing a YZY token linked to his Yeezy fashion brand.
While no official launch date has been confirmed, data from Polymarket suggests there’s a 71% chance of the token debuting this month, with over $18 million wagered on its release.
Final Thoughts
Ye’s entry into the crypto space adds to the growing trend of celebrity-backed tokens, which have caused significant market speculation. While some investors see an opportunity, others worry about potential risks.
Will Ye’s crypto launch be a game-changer or just another cash grab? Let us know your thoughts!
