Controversial American rapper Kanye West (Ye) is dominating crypto headlines after hinting at the opportunity of launching his personal meme coin token—YZY—earlier than the tip of February 2025.
In a now-deleted X submit, Ye revealed that every one at the moment circulating YZY are faux, sparking a recent spherical of controversy inside the crypto neighborhood.
With the Polymarket odds of the token’s imminent launch surpassing 60%, questions relating to its legitimacy have began mounting up.
That is no shock, contemplating the truth that many traders are but to get better from the ripple impact of final weekend’s LIBRA token’s pump-and-dump scandal involving the president of Argentina—Javier Milei.
With YZY mirroring the centralized tokenomics construction of LIBRA and different high-profile movie star meme cash like TRUMP and MELANIA, market analysts consider its launch might ignite one other meme coin turmoil within the broader market.
Will Kanye West’s new meme coin defy the chances or exhibit the identical stage of pump-and-dump sample as its predecessors?
Is Kanye West Meme Coin One other Rug Pull?
For a lot too lengthy, the crypto market has been witnessing a bunch of movie star misfires, particularly by way of the endorsement and launch of latest meme cash. These celebrity-based initiatives typically turn into fast rug pulls, robbing unsuspecting members of the investing neighborhood of their capital.
The latest one—LIBRA—concerned President Milei. The sudden rise and fall of this venture sparked market-wide outrage as traders misplaced tens of millions of {dollars} to the crash.
Whereas Milei has since withdrawn his endorsement, requires his impeachment have gained floor, and a current report from Reuters revealed {that a} federal decide has been assigned to research the extent of his involvement within the scandal.
That stated, the sample at which LIBRA and different alleged rug pulls have been launched has already triggered sturdy resentment towards celebrity-based meme cash. Blockchain safety specialists like Yu Xian share within the concern concerning the rising charge of meme coin scams, highlighting how scammers typically pay celebrities to advertise new launches and declare they have been hacked.
Xian’s perspective aligns with Kanye West’s assertion in early February, explaining how a bunch of scammers approached him to endorse a fraudulent Ye meme coin utilizing his account. The self-proclaimed “Nazi” stated he was supplied an upfront fee of $750,000 and an extra $1.25 million, all of which he rejected.
He stated cash prey on followers, emphasizing that he’s “too wealthy to situation tokens; tokens are only a rip-off to take advantage of followers!”
With scores of movie star hacks reported in recent times, Kanye’s revelation suggests most of those claims won’t be true. Which means many influencers willingly participated in these schemes, selling them on their social media pages solely to allege hacks later.
Nonetheless, having declined the provide to advertise Ye, it appears Kanye is now quietly making ready to launch his personal private token YZY earlier than the tip of February 2025.
The transfer—which might be in stark distinction to his preliminary “tokens are only a rip-off to take advantage of followers” remark—has sparked conversations a few potential rug pull, with business watchers pointing on the venture’s centralized tokenomics and Kanye’s controversial historical past as purple flags.
The truth is, there are even rumors that the upcoming YZY meme coin will not be issued by Kanye himself. In a February 22 tweet, a Web3 researcher, standard on X as Pix, alleged that Kanye’s account had been purchased for $17 million by a man who he allegedly “rugged” many initiatives, particularly Metaluxe and Jenner.
Others like Nate Geraci—the president of ETF Retailer—have additionally warned traders to avoid Kanye’s YZY token, saying those that take part in it ought to be ready for potential losses.
As the talk regarding the legitimacy of Ye’s YZY meme coin continues to warmth up the meme coin house, let’s check out its core fundamentals and predict the place it might be heading if launched.
Kanye West Diving Into The Crypto Realm By way of YZY Meme Coin Launch
Having misplaced a number of enterprise offers with Shopify and different high manufacturers because of his antisemitic remarks, Kanye is popping to crypto to spice up his movie star standing.
His new meme coin launch YZY, in accordance with a report from CoinDesk, will act because the official forex of his Yeezy model, permitting holders to make purchases instantly on the web site.
Whereas the real token is but to go dwell, a number of YZY meme cash have already emerged on Solana’s Pump.enjoyable, which Ye just lately described as faux.
Nonetheless, there appears to be loads of skepticism across the upcoming YZY launch, with some analysts even calling it a possible rug pull.
Other than Ye’s controversial stance, one pronounced concern pointing to potential purple flags within the venture is its centralized distribution plan. In keeping with reviews, Ye will retain 70% of the complete token provide, with simply 30% allotted to traders and liquidity.
This token distribution strategy shares a placing resemblance with those embraced by different movie star meme cash like Official Trump, Melania Meme, and most just lately Libra token.
Take LIBRA for example. The staff took undue benefit of its centralized provide construction to money out almost $150 million a couple of hours after launch, thereby leaving the retail traders to bear the brunt of the disaster.
With Ye making ready to herald an analogous celebrity-based meme coin, critics say the likelihood of the venture being one other rug pull could be very excessive.
YZY Value Prediction
Despite the a number of purple flags highlighted above, YZY can nonetheless capitalize on Ye’s highly effective affect to seize the identical stage of hype as its predecessors. As such, it’s possible that the token will expertise a fast pump instantly after going dwell.
Nonetheless, this pump might be adopted by a devastating dump, because of fears occasioned by heavy insider data and Ye’s management of 70% of the complete token provide.
Prefer it occurred with LIBRA, there’s a excessive likelihood that the YZY staff will begin withdrawing from the venture liquidity swimming pools after the preliminary pump, which might crash the token worth and depart traders with losses.
Therefore, whereas the venture has but to launch, the likelihood that it might comply with within the footsteps of different failed movie star meme cash is kind of excessive, making it a extremely dangerous meme coin to think about.
Meme Index May Be The Greatest Funding Different To YZY
With movie star meme coin scams at an all-time excessive, traders are actually searching for protected havens in different asset lessons that don’t solely provide sturdy utility however have additionally undergone rigorous third-party good contract audits.
Amongst a bunch of choices obtainable, Meme Index appears to have gained essentially the most consideration. That is no fluke, contemplating the venture’s deal with streamlining the method of asset diversification for traders.
Because the market grows more and more unstable, investing in a single token seems very dangerous. Buyers must focus extra on diversifying their property to hedge market dangers and maximize their earnings.
Nonetheless, whereas this funding strategy has confirmed to be fairly efficient, the opportunity of having to pay a number of transaction charges and fascinating in rigorous analysis has left many traders discouraged.
Addressing this problem is Meme Index. Marketed because the world’s first decentralized meme coin index, this venture offers a easy, cost-effective, and strategic method for degen traders to navigate the meme coin market.
What makes Meme Index much more particular is its versatile meme coin indices which provide structured publicity to numerous meme cash in a single go. There are 4 indices in complete, every meant for a selected class of traders. These searching for extra secure funding choices can choose the Meme Titan Index, which options high-cap meme cash corresponding to Dogecoin, Pepe, Shiba Inu, and extra.
The second is dubbed the “Moonshot Index,” containing property which can be on the verge of hitting the $1 billion market cap benchmark. Subsequent is the Midcap Index, geared up with high-risk property, particularly tokens ranging between $50 million to $250 million. And at last, there’s the Frenzy Index, particularly for individuals who can abdomen the very best stage of danger.
In the meantime, being a really decentralized ecosystem, Meme Index permits the neighborhood to resolve which tokens so as to add and take away from the indices. There are additionally staking rewards for early traders, permitting them to additional optimize their returns even earlier than the token is ultimately launched on DEX.
One other notable aspect that clearly distinguishes Meme Index as a legit various to YZY is its two third-party audits from SolidProof and Coinsult, reassuring traders that it isn’t one other rug pull.
Furthermore, not like YZY and different movie star meme cash with centralized token provide, Meme Index’s tokenomics has been designed with neighborhood curiosity in thoughts.
The venture’s presale has raised greater than $3.8 million up to now, and influential YouTube channels like 99Bitcoins have named it among the many finest meme cash to purchase now.
Go to Meme Index