Kanye West’s YZY Token: A Meme Coin to Bypass Bans?

Kanye West, now known as Ye, is reportedly launching his own meme cryptocurrency, the YZY token, according to CoinDesk.

Ye, who has faced widespread condemnation for antisemitic remarks and pro-Hitler sentiments, will reportedly hold 70% of the token supply, with 10% allocated for liquidity and 20% for investors.

The YZY token appears designed to help Ye circumvent bans from platforms like Shopify, which suspended the Yeezy store after it featured a shirt with a swastika. Other companies, including Adidas, Balenciaga, and his former talent agency, have also cut ties with Ye due to his controversial statements.

The YZY token is intended to become a payment method on his website.

CoinDesk’s report comes after they received an unsolicited email from Yeezy CFO, Hussain Lelani, containing a document describing the token and an embargo agreement (verified by three sources). The document initially indicated a token sale launch on the Yeezy website at 6 pm Thursday, but a team member, speaking anonymously, later cited a Friday launch due to unspecified reasons.

Ye’s move mirrors other celebrity-backed meme coins like $TRUMP and $MELANIA, which he reportedly aims to emulate.

However, the meme token market is notoriously volatile and susceptible to pump-and-dump schemes, often leaving retail investors with worthless tokens.

While Ye initially sought 80% ownership of the YZY token, he was reportedly negotiated down to 70%, according to sources.

This substantial stake will be distributed through a multi-phase vesting schedule, with some coins locked up for 12 months. Critics argue that such founder-heavy allocations, even with vesting, still prioritize insiders over retail investors.

The YZY token launch comes amidst a recent pump-and-dump controversy involving The President of Argentina, Javier Milei and his LIBRA meme token, which sparked public outrage and calls for impeachment.

Sources close to the YZY project told CoinDesk that the token’s delay stems from concerns about its proximity to the Milei situation.

Is this yet another CoinYe?