US rapper Kanye West is reportedly set to launch a meme coin by the end of the week. Dubbed $YZY, the coin is expected to provide holders with some utility while guarding against price drops.
A Flurry Of Activity Around The Kanye West Memecoin Launch
While details around the Kanye West meme coin remain sparse, insiders say the project is steamrolling ahead. According to reports, $YZY will operate as the official currency for the Yeezy brand and website amid the recent backlash against the rapper.
Following the alleged anti-semitic rhetoric by Kanye West, Shopify shut down his online store, forcing the rapper to explore digital assets. Per the internal documents, $YZY will be accepted as payment on the rapper’s website, providing an alternative to mainstream platforms.
Sources say 70% of the Kanye West memecoin is earmarked for the rapper, while 20% will go to investors. 10% of the tokens will be deployed for liquidity provisioning, an attempt to mirrorthe tokenomics of top meme coins like Dogecoin.
A Botched Launch For $YZY
Originally scheduled for launch on February 20, $YZY has hit a series of stumbling blocks. For starters, the rapper has deleted previous posts on X alluding to the launch of the meme coin.
The 47-year-old rapper has also taken down conversations involving Binance founder Changpeng Zhao linked to the incoming $YZY. Public enthusiasm for the project waned after Kanye West adopted a Nazi stance with the proposed launch of “Swasticoin.”
For now, it remains unclear if the Kanye West meme coin will see the light of day. A Polymarket bet has been launched, with 36% predicting that the rapper will roll out a coin before the end of February.
Sentiments Have Changed For The Kanye West Memecoin
Following delays and erratic posts on X, optimism among investors has been dampened for $YZY. Kanye West disclosed on the social media platform that he no longer has control of his X account, but a cross-section of users are chalking it up to the rapper’s eccentricity.
The high-profile price slump of the scam $LIBRA token linked to the Argentine President has left investors with a sour taste in their mouths. Despite negative sentiments, investors are still scanning the horizon for early access to a Kanye West meme coin.
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