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Ye, formerly known as Kanye West, is reportedly launching a cryptocurrency token called YZY, despite his past criticism of digital coins. This move comes amid ongoing controversies surrounding the artist, raising questions about the motives and structure of the project.
YZY Token: What We Know So Far
According to sources close to the project, the YZY token will be positioned as the official currency of Yeezy, accepted as payment on Ye’s website. However, the token distribution heavily favors Ye himself, with:
- 70% of the total supply allocated to Ye personally
- 10% set aside for liquidity provisioning
- 20% reserved for investors
The token aims to provide Ye with a financial alternative after multiple platforms, including Shopify, severed ties with him following his controversial statements.
Ye’s Past Criticism of Crypto
Interestingly, Ye has previously spoken out against crypto projects, stating that “coins prey on the fans with hype.” Despite this, sources claim he was influenced by the success of Donald Trump’s TRUMP meme coin, which saw a similar insider-heavy token allocation. Initially, Ye sought an 80% ownership stake but was reportedly negotiated down to 70%.
Potential Risks and Concerns
The launch of YZY raises concerns due to its high concentration of ownership and similarities to past celebrity-driven crypto projects. These types of tokens often experience:
- Short-lived price surges driven by fan hype
- Centralized ownership risks, where large holders can significantly impact the price
- Regulatory scrutiny, as seen in other recent celebrity-endorsed crypto ventures
The Timing and ‘Milei Controversy’
The launch of YZY comes at a time when the crypto market is witnessing backlash against politically and celebrity-endorsed tokens. Recently, Argentina faced turmoil after a meme coin promoted by President Javier Milei was exposed as a pump-and-dump scheme. Reports suggest that YZY’s launch was delayed as the team reconsidered the timing in light of this controversy.
Final Thoughts
Ye’s move into crypto comes with both potential opportunities and risks. While the YZY token could attract interest due to Ye’s global influence, its centralized allocation and past industry trends raise concerns about sustainability. As with any crypto project, investors should approach with caution and stay informed.
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This article reflects the opinions of the publisher based on available information at the time of writing. It is not intended to provide financial advice, and it does not necessarily represent the views of the news site or its affiliates. Readers are encouraged to conduct further research or consult with a financial advisor before making any investment decisions.
