Unveiling the Controversies Behind Kanye West’s $YZY Memecoin

Bittime -  Kanye West, or now known as Ye, is back in the spotlight with his plans to launch the YZY meme coin as an official digital asset for the Yeezy website. 

The move was taken as an alternative after experiencing payment issues with Shopify. However, the project has not only experienced a delay in its scheduled launch on February 20, but has also been riddled with controversies that have made investors hesitant to participate.

YZY Token Structure That Invites Suspicion

The tokenomics of Kanye's meme coin is a major source of concern. Of the total supply of YZY, 70% will be owned by Kanye West, while 20% will be allocated to investors, and 10% for liquidity. 

This unbalanced proportion raises suspicions of potential price manipulation, where majority owners can easily control market movements.

Also read: Kanye West Will Launch His Own Coin, Check This Out!

The Impact of the “Swasticoin” Controversy and Public Reaction

One of the factors that worsened the reputation of this project was Kanye West's statement that he planned to launch "Swasticoin", which immediately drew heavy criticism. This move added to his long list of controversial behavior, especially on social media, which made investors increasingly skeptical of his credibility in running this project.

Amid the celebrity meme coin craze, public figures like Elon Musk and Donald Trump have also jumped into the crypto world. However, the failure of celebrity token projects like LIBRA shows that the involvement of famous figures does not always guarantee success.

Also read: Top 5 Meme Coins on the Ethereum Network, Including Shiba Inu and FLOKI!

CZ Support and the Potential for Failed Collaboration

There was news that Kanye West was communicating with Changpeng Zhao (CZ), the former CEO of Binance, regarding this meme coin project. 

However, following a series of controversial statements made by West, the collaboration has most likely been canceled.

Analyst Warnings and Potential Scams

Several crypto analysts have warned of high risks in this project, especially given Kanye West's track record of often making impulsive actions on social media. 

Some posts related to the YZY token have even been deleted, further raising speculation about the transparency of the project.

Social media platform X (formerly Twitter) has even issued Community Notes warning users about potential scams related to the token.

Also read: Top 5 Best Memecoins on SUI Network, Check Before Pump!

Conclusion

While some investors are still optimistic, launch delays, ongoing controversies, and a lack of transparency make the YZY project seem extremely risky. 

For anyone considering investing, it is highly recommended to conduct thorough research and be careful before making a decision.

With increasing warnings from analysts and the crypto community, involvement in this project currently appears to be more of a high-risk speculative move than a promising investment opportunity.

FAQ

1. What is Kanye West's YZY meme coin?

Kanye West, now known as Ye, has announced plans to launch the meme coin $YZY, which will serve as the official digital currency for the Yeezy website. The move comes as an alternative after experiencing issues with payments via Shopify. 

2. How is the distribution of YZY tokens?

According to reports, the $YZY token distribution will divide 70% of the total supply to Kanye West, 20% to investors, and 10% for liquidity. This distribution model raises concerns about centralization and potential price manipulation, given the large portion under West's control. 

3. Has Kanye's meme coin launch been delayed?

Yes, the launch of $YZY was originally scheduled for February 20, 2025, but the project has been delayed with no clarity on when it will be officially launched. As of now, there is still no official information regarding the latest launch date. 

4. What controversies are associated with $YZY?

The $YZY project has faced several controversies, including Kanye West's statement that he planned to launch a "Swasticoin", which immediately drew public criticism. In addition, the large allocation of tokens to himself raised doubts about the transparency of the project, making many investors reluctant to participate.

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Reference

Bravenewcoin, Kanye West Hints at Crypto Meme Coin Launch Amidst Mixed Celebrity Track Record , accessed January 26, 2025 

Coin Central, Is Kanye West Launching $XZY Memecoin? Here's What We Know , accessed January 26, 2025 

Author: RC