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Kanye West, now known as Ye, has sparked rumors about launching a new meme coin called $YZY. This announcement comes as a surprise given his previous stance against cryptocurrency. Speculation about the token's purpose is growing, with reports suggesting it could be used on the Yeezy website. Fans and investors are now eagerly watching for official updates on this unexpected crypto venture.
There is a class of assets on the blockchain called Altcoins and it contains digital assets known as meme coins. Meme coins are assets that do not provide much utility but instead are famous for their speculative hype driven by the internet. Community engagement plays the most important role in the value that these tokens spring. To some degree, they are free from the internet meme. West has always been skeptical, till now that is.
With no further evidence to speculate, on February 22, Ye went ahead and announced on X that he is releasing $YZY by the end of the week. He blasted all other existing versions of the coin claiming them to be fake. This certainly raises some eyebrows when it comes to his venture into the crypto industry.
Ye has also alluded towards changes being very hard to achieve when it comes to obtaining his CZ number. Zhao responded with a simple statement “DM’ed you” implying that he might be privy to private conversations regarding this topic.
According to reports, the token may allow fans to purchase items directly for Yeezy Yeezy fans. $YZY is set to be the new official currency for the Yeezy website. The original launch date was set to be February 20, and everything seemed in order until now. Reports now speak of slight changes in the timeframe.
West’s memecoin plan contradicts his earlier views on cryptocurrency. On February 9, he posted on X that he was not launching a coin. He said he only pursued projects he was passionate about and knowledgeable in. He also warned that meme coins rely on hype and exploit fans.
The sudden shift has raised concerns among investors. Reports from Crypto Rover suggest Ye may have sold his X account. Deleted posts and missing community notes have sparked fears of possible fraud.
Memecoins have gained traction among celebrities and political figures. In January 2025, former U.S. President Donald Trump launched his token, $TRUMP. The coin surged in value, coinciding with key political events. Elon Musk’s father, Errol Musk, has also teased a memecoin.
West’s potential entry into the space is fueling debate about celebrity-backed cryptocurrencies. Investors and fans are closely watching for official updates on $YZY’s launch.
