Kanye West’s Stance on Cryptocurrency Tokens
The anticipated possibility of Ye, the artist previously known as Kanye West, launching a cryptocurrency token has significantly decreased following his recent social media activity. In a candid post, Ye declared he is “not doing a coin,” emphasizing that “coins prey on the fans with hype.” This statement led to a swift decline in the perceived odds of him introducing a token this month. At one point, these odds had soared to 40% on the popular prediction market Polymarket but have now plummeted to around 10% as traders reacted to his statement.
In the wake of his announcement, several memecoins named “Ye” had emerged in the crypto space, fueled by speculation around a potential token launch. However, following Ye’s denial, the value of these tokens has taken a significant hit. One particular token has seen a staggering loss of over 65% since his post, while another has dropped nearly 89%, according to data from Dexscreener.
Ye’s post highlighted his commitment to pursuing ventures he is “passionate and knowledgeable about,” asserting that he is “too rich to do anything else.” This declaration came after he revealed he had turned down a lucrative $2 million offer to create his own token. Shortly after expressing his thoughts on cryptocurrency, Ye seemed to express an interest in reaching out to Coinbase’s CEO, Brian Armstrong, through a cryptic message on social media.
