Kanye West, now known as Ye, ignited a whirlwind of speculation in the crypto world over the weekend with a series of posts on X (formerly Twitter). The controversial artist hinted at launching his own memecoin and even floated the idea of creating his own blockchain — but doubts remain over whether Ye himself is behind the posts or if his account was compromised.
Ye’s Cryptic Tweets Stir the Market
Ye’s activity began with a retweet of Binance co-founder Changpeng “CZ” Zhao, commenting on the complexities of decentralized exchanges (DEXs). Shortly after, Ye followed CZ — only to unfollow him minutes later. The real frenzy started when Ye tweeted the name “Swasticoin” alongside claims of listing it on a DEX. The post was swiftly deleted, but not before sparking widespread backlash.
Adding fuel to the fire, Ye declared, “All current coins are fake. I’m launching next week,” hinting at a cryptocurrency potentially called $YZY — a nod to his Yeezy brand. Rumors suggest $YZY would serve as the official currency for the Yeezy website, enabling direct purchases of products. However, the token’s launch, initially set for February 20, has been delayed without explanation.
Blockchain Ambitions and Insider Fears
In a surprising twist, Ye expressed interest in launching his own blockchain instead of simply issuing a token. Reports indicate he is considering forking Solana or Dogecoin to create a proprietary network. Advisors allegedly pushed for this route to give Ye greater control, mirroring Donald Trump’s insider-heavy $TRUMP token structure.
Concerns of a potential rug pull have mounted, with reports suggesting Ye’s team planned to retain 70% of the token supply — a setup that typically benefits insiders at the expense of regular investors.
Is Ye in Control?
Skepticism is rampant over whether Ye is even running his own X account. Barstool Sports founder Dave Portnoy dismissed the posts as the work of scammers, while others pointed out inconsistencies in the account’s timezone settings and suspiciously AI-like videos.
There is 0.0 shot Heil Kanye is running his account. It the scammers planning the rug
— Dave Portnoy (@stoolpresidente) February 23, 2025
But if you can send @kanyewest a message tell him me and Taylor said to go fuck himself.
Also Read: Is Kanye West About to Launch ‘Ye Coin’? Crypto Fans Speculate After Bold Tweets
With celebrity-backed tokens facing growing scrutiny, Ye’s crypto venture is already mired in controversy. Whether $YZY becomes a legitimate project or another failed cash grab remains to be seen.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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