Ye Clarifies: No Ties to YZY Tokens, Plans Own Crypto Launch

Kanye West, now known as Ye, has dismissed rumors surrounding his involvement with the YZY tokens circulating in the market. In a recent post, Ye clarified that he has no ties to the existing coins using his brand, stating that all current coins are illegitimate. He also announced his intention to launch his own cryptocurrency in the near future.

Ye's announcement has sparked mixed reactions within the crypto community. Some critics believe his project could turn into another celebrity-backed rug pull, while others point out that his latest move contradicts his earlier statement, where he distanced himself from launching any token. Meanwhile, some supporters advise him to time the launch carefully to avoid market volatility.

Nate Geraci, President of ETF Store, issued a warning to investors, stating that anyone choosing to invest in Ye's crypto should be prepared for potential losses. "If he (Ye) launches and you buy & lose…it’s on you. Nobody to blame. I don’t want to hear about crypto regulation, rug pulls, scams, etc. It’s a wealth transfer from you to insiders. You’re spinning broken roulette wheel," Geraci added.

Ye's announcement follows reports of multiple YZY-branded tokens appearing on the Solana-based launchpad Pump.fun. These developments fueled speculation that he was indeed planning a token launch. Other reports claim that Ye is actively working on a YZY token linked to his Yeezy fashion brand. Publications like CoinDesk allegedly received a press release from Hussein Lalani, who is said to be Yeezy’s Chief Financial Officer, along with other sources familiar with the project.

Data from currently suggests a 71% probability of the token debuting this month, with more than $18 million wagered on its release. Ye's latest move adds to the unpredictable phase of celebrity and political meme coins that’s plaguing the industry right now. Such endorsed tokens have caused notable chaos in the market in the past weeks.