Crypto bettors on the decentralized market Polymarket are betting on the likelihood that Kanye West, now often known as Ye, will launch a crypto token this month.
Market odds presently place the possibilities of such a token at 76%, reflecting a major surge of almost 55% up to now 24 hours. This surge follows reviews suggesting that Ye plans to introduce a YZY token regardless of beforehand denying any curiosity in launching a digital asset.
On the time of writing, the bettors have already staked over $11 million on the potential memecoin debut.
In the meantime, blockchain information exhibits that numerous YZY-themed tokens have already appeared on Solana’s Pump.enjoyable platform, although their legitimacy stays unverified.
YZY token
Earlier at the moment, CoinDesk reported that the YZY memecoin might function the official forex for Ye’s Yeezy clothes line.
The publication attributed the data to an unsolicited press launch from Hussein Lalani, who claimed to be Yeezy’s Chief Monetary Officer. A number of sources acquainted with the undertaking additionally reportedly corroborated the small print.
West has not talked about such plans in his continued diatribes on social media platform X.
Nevertheless, in response to the report, the token’s distribution plan would allocate 70% of the whole provide to Ye. The remaining 30% could be cut up into 10% for liquidity and 20% for traders.
Nevertheless, a portion of Ye’s holdings could be topic to a multi-phase vesting schedule, stopping him from promoting sure tokens for as much as a yr.
Kanye West’s crypto controversy
Lower than two weeks after Kanye West revealed on X that some scammers tried to pay him $2 million to endorse a fraudulent memecoin utilizing his identify.
In accordance with West, the provide included an upfront cost of $750,000, with a further $1.25 million promised 16 hours after he promoted the token.
The deal required the promotional publish to stay dwell for no less than eight hours earlier than he might delete it. Furthermore, the scammers advised Ye might declare his account had been hacked to make the endorsement seem unintentional.
Nevertheless, the Grammy award-winning artist who lately bought Swastika t-shirts on his web site rejected the proposal, stating he had no real interest in deceiving his followers. He additionally emphasised that his web value had climbed again to $2.77 billion with out crypto endorsements.
Nonetheless, the controversial rapper hinted at future engagements with the business. Ye lately leaked a dialog that confirmed him in search of recommendation from a trusted contact, who pointed him towards Coinbase CEO Brian Armstrong for additional steering.
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