Kanye West memecoin faces delays amid controversy
Kanye West memecoin faces delays
Kanye West’s highly anticipated memecoin, $YZY, is facing significant delays and mounting controversy, casting doubt over its future.
Initially slated for release on February 20, the cryptocurrency has encountered multiple hurdles, including deleted social media posts, shifting investor sentiment, and concerns over the rapper’s erratic behavior, according to Coingape.
Uncertain Future for $YZY
Market insiders initially touted $YZY as the official currency of the Yeezy brand, potentially offering payment utility on the rapper’s website.
However, recent developments suggest the project may not materialize as planned. Reports indicate that 70% of the total token supply was earmarked for West himself, with 20% allocated to investors and the remaining 10% designated for liquidity.
The coin’s launch suffered a major setback when West removed posts referencing $YZY from his X (formerly Twitter) account. Additionally, conversations with Binance founder Changpeng Zhao regarding the memecoin have also been deleted. These actions have fueled speculation about internal discord or legal complications surrounding the token’s release.
Further controversy erupted when West allegedly proposed launching “Swasticoin,” drawing widespread condemnation. This move, coupled with his history of inflammatory remarks, has led many investors to distance themselves from the project.
Despite the skepticism, a Polymarket betting pool suggests that 36% of participants still believe West will release a token before the end of February. However, with public confidence in the rapper’s digital asset ambitions waning, the likelihood of $YZY achieving mainstream success remains uncertain.
Recently, Kanye West confirmed on X that his YZY coin will officially launch next week, clarifying that all circulating YZY tokens are fake. Just a day earlier, Polymarket betting odds surged to 83%, with trading volumes surpassing $9.3 million in anticipation.
