YEREVAN (CoinChapter.com) — Kanye West, now known as Ye, has denied any connection to the YZY tokens circulating in the market. On February 22, he stated that all existing tokens using his brand are fake and not affiliated with him. He emphasized that he will launch his own cryptocurrency next week.
“All current coins are fake. I’m launching next week,”
Ye wrote on X.
His statement follows reports of multiple YZY-branded tokens appearing on the Solana-based launchpad Pump.fun. Many traders had speculated that these tokens were tied to him, but he dismissed any association. Despite his denial, these tokens remain active on the market, and their legitimacy continues to be questioned.
Kanye West’s Crypto Plans Gain Attention
The cryptocurrency market reacted quickly to Ye’s announcement. His statement added to speculation about the nature of his planned token. Reports suggest that his cryptocurrency could be linked to the Yeezy fashion brand. According to CoinDesk, a press release from Hussein Lalani, who is identified as Yeezy’s Chief Financial Officer, confirmed the token’s development.
YZY Tokens Continue to Circulate
Even after Ye publicly distanced himself from the YZY-branded tokens, they continue to be traded on various platforms. Data from DEXScreener shows ongoing market activity, with some traders looking to capitalize on speculation about Ye’s involvement. Without official backing from Ye, the status of these tokens remains uncertain.
Multiple YZY Tokens Appear on Solana Despite Kanye West’s Denial. Source: DEXScreenerCrypto Community Reacts to Ye’s Token
The announcement has drawn mixed reactions from the cryptocurrency industry. Some investors view celebrity-backed tokens with skepticism, citing previous cases where similar projects failed. Nate Geraci, President of ETF Store, warned traders about the risks.
“If he (Ye) launches and you buy & lose…it’s on you. Nobody to blame. I don’t want to hear about crypto regulation, rug pulls, scams, etc. It’s a wealth transfer from you to insiders. You’re spinning a broken roulette wheel,”
Geraci stated.
Nate Geraci Warns Investors About Kanye West’s Crypto Plans, Calls It a ‘Wealth Transfer’. Source: X (@NateGeraci)His comments reflect broader concerns about how celebrity-endorsed tokens impact the market. Some crypto traders are closely monitoring the situation, while others remain cautious about investing in a project with limited details.
Prediction Markets Bet on Kanye West’s Crypto
Speculation surrounding Ye’s cryptocurrency has reached Polymarket, a decentralized betting platform. Current data suggests a 71% probability that his token will launch before the end of February. Traders have already wagered more than $18 million on whether Ye will release his cryptocurrency this month.
Polymarket Bets on Kanye West’s Crypto Launch, Shows 62% Probability for February. Source: Polymarket
Moreover, the rise of celebrity-backed tokens has already caused volatility in the crypto industry. With Ye preparing to introduce his cryptocurrency, market participants continue to watch for official updates.
The post Kanye West Denies YZY Token, Announces Plans for His Own Cryptocurrency appeared first on Coinchapter.
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