American Rapper Kanye West is reportedly set to launch a Memecoin a few days after revealing how prominent figures have received offers to use their brand to promote Rug pull schemes.
Coindesk announced the development, citing three sources close to the project and revealing that the ‘YZY’ token was designed to bypass brands like Shopify, which cut ties with him due to his crazy rants on X.
Kanye West is poised to own 70% of the total allocation of the memecoin, with 20% set aside for investors and 10% for liquidity.
Kanye West’s memecoin makes a late entry into Celebrity Memecoins.
Last year, memecoins like $MOTHER by Iggy Azalea, $Davido by Nigerian popstar David Adeleke, and $Daddy by Andrew Tate were dumped a few days after launch, denting the reputation of celebrity-backed projects.
$2 Million Offer
The proposed launch of a memecoin by Kanye West comes as a surprise as the rapper, a few days ago, stated that he was not doing coins.
In an Epic rant, Kanye West revealed how he was offered a $2 million deal to scam his community by promoting a fake memecoin project.
The news of the rapper planning to drop a memecoin is a backdrop to this revelation, casting some doubts on its legitimacy.
Kanye West’s X account, which was initially suspended for crazy rants like calling himself a NAZI and taking shots at the Jews, is currently back online and active at the time of this report.
Bad Timing?
The proposed launch of a memecoin at the moment comes across as ill-timed. This is due to the current low trust for memecoins in the industry following back-to-back rug pulls by two sitting presidents.
The crypto industry is yet to recover from the $CAR and $Libra Rug pull orchestrated by the Presidents of the Central African Republic and Argentina.
Sources close to the project reported that Kanye West hopes to mirror the same strategy Donald Trump used in launching his TRUMP memecoin.
He initially wanted 80% of the allocation but negotiated down to 70% with his inner caucus.
Suppose the proposed YZY memecoin performs by a fraction of the Trump Memecoin. Kanye West is set to make millions of dollars from the project.
The Project is yet to be launched, and the Kanye West Team has not made concrete data public.
