A New Memecoin Hits the Market—But Who Really Benefits?
Kanye West, now known as Ye, is rumored to be launching his own cryptocurrency called YZY—a memecoin supposedly tied to his famous Yeezy clothing brand. If true, this could be a massive move, not just for Ye but for the crypto world as well. But is it really about innovation, or is Ye just trying to rebuild his fortune after losing major business deals?
What’s the Story?
According to a leaked document obtained by CoinDesk, Ye’s financial team is preparing to launch YZY, a crypto token that would serve as the “official currency” for Yeezy products. The document came from Hussein Lalani, who claims to be the Chief Financial Officer of Yeezy. However, this wasn’t an official announcement—Lalani had asked CoinDesk to keep it “under embargo,” meaning they shouldn’t publish it yet. CoinDesk ignored the request and went ahead with the report anyway.
Three anonymous sources have confirmed that the YZY token was supposed to launch on Thursday but has been delayed to Friday.
Key Details About the YZY Token
- 70% of the total supply will go to Kanye West himself.
- 10% is for liquidity, meaning it’s available for trading.
- 20% is for investors.
- Ye’s portion will be locked for up to 12 months, so he can’t sell it all at once.
This setup has raised concerns: Why is Ye getting such a massive share of the tokens? Many are wondering whether this is a real crypto project or just another celebrity cash grab.
Why Is Kanye Getting Into Crypto Now?
Ye has been in serious financial trouble ever since major brands cut ties with him due to his antisemitic remarks in 2022. Companies like:
- Adidas
- Balenciaga
- Shopify
- His talent agency
…all walked away, costing him hundreds of millions of dollars. His online store was shut down by Shopify, and his Adidas deal—one of his biggest money-makers—collapsed.
Launching YZY could be a way for him to rebuild his wealth and control his brand without depending on traditional companies.
But Didn’t Kanye Say He Hates Crypto?
This is where things get interesting. Just a while ago, Ye criticized the crypto industry, saying he wouldn’t launch a coin because “Coins prey on the fans with hype.” He even turned down a $2 million offer to create his own token.
So, why the sudden change of heart?
Why This Matters for You
This story is important because it highlights a key trend in the crypto world—celebrities using their fanbase to launch questionable tokens that may not benefit investors.
Key Lessons to Take Away:
- Celebrity-backed coins are risky. They often depend on hype, not real utility.
- Token distribution matters. If the creator is holding too much of the supply (like Ye’s 70%), it could mean a rug pull in the future.
- Always check if the project is real. Ye’s own history shows he was against crypto, yet now he’s launching one. That’s a red flag.
Final Thought: Genius Move or a Disaster Waiting to Happen?
Kanye West is no stranger to controversy, and YZY could be either a brilliant comeback strategy or a cynical attempt to milk his fans for money. Whatever happens, this story is another reminder to always do your research before investing in celebrity-backed crypto projects.
