Ye’s Meme Coin Hype Fuels Antisemitism in Crypto Communities

Tens of thousands of crypto enthusiasts are rallying behind the musician Ye, formerly known as Kanye West, in the hopes that he will announce an existing Solana meme coin as his long-anticipated official token. This fervor has created a breeding ground for antisemitism and Nazi ideologies, echoing the artist’s own controversial comments in recent years.

When accusations of antisemitism are directed at these meme coin communities, questionable comments are often dismissed as jokes or defended on the basis of the token's artistic merit. However, evidence within these groups reveals a festering of Nazi sympathizing, Holocaust denial, and harmful stereotyping, causing experts to warn that memes can be the first step towards radicalization.

Ye has been hinting at the possibility of releasing a meme coin for some time, including meeting with crypto influencer Ansem and reportedly texting Coinbase CEO Brian Armstrong as he figures out his next steps. The rapper has yet to officially launch a coin, as the crypto industry hype has ebbed in recent weeks amid broader meme coin market turmoil.

Along the way, countless unofficial Ye-themed meme coins have emerged, with some gaining traction. Swasticoin (YZY), which features a logo combining the swastika with Ye’s name, reached a market cap of $181 million after the rapper reposted the contract address. However, it has since collapsed to under $4.5 million. Despite this, a community has formed around the token, with over 14,600 wallets currently holding it.

Pseudonymous trader Dluxx, who is Jewish, expressed discomfort with the messaging but still bought Swasticoin and another Nazi-themed coin, Yaydolf, seeing potential for price increases. He believes that as a meme coin trader, one must be willing to buy and sell without personal bias. However, the advocacy group Campaign Against Antisemitism struggles to reconcile this perspective, arguing that investing in such tokens endorses their harmful messages.

Some traders see merit in the message behind Swasticoin and Ye’s broader meme coin tirade, viewing it as an artistic vision to make things more lighthearted. They argue that the swastika, which predates the Nazi movement, has different meanings in various cultures. However, scholars studying hate groups reject this justification, stating that Ye is spreading a symbol associated with hatred and violence.

With each purchase, shill, and message, the Swasticoin’s message grows, and the overton window, which references the spectrum of politically acceptable subjects, has shifted so far that Nazi ideology has seeped into crypto conversations. Examples of hateful messages in support of the meme coin include denying the Holocaust and praising Hitler.

The team behind another Ye-themed coin called Yeezy Coin (YzY), referred to as “4NBT” in reference to the token’s contract address, claims that its community is less interested in ties to antisemitism and Nazism. They believe their token is set to be announced as Ye’s official project, citing the deployer’s history of predicting Ye’s moves. However, most of the evidence is tenuous, and the community eagerly awaits any post by TrillionBear or Ye for confirmation.

One theory suggests that 4NBT is part of an alternate reality game or performance art piece criticizing those who control the media or are filled with greed. Another theory claims that Swasticoin is part of this broader project, meant to lure greedy traders before 4NBT is revealed as the real token. These theories are supposedly backed up by posts made by X user TrillionBear and Ye himself.

Almost everyone in support of these tokens is cloaked in online anonymity, which is not uncommon in the crypto industry. Some traders claim they have been shilling the token to their real-life friends, while others justify their involvement as a way to make money. However, experts warn that such rhetoric can have real consequences, perpetuating harm against Jews worldwide.

Thomas, a 4NBT token holder, estimates that approximately half of the members of the Swasticoin and 4NBT communities are “racists” or “edgelords,” while the rest are there to make money. He added that the 4NBT Telegram was particularly grim, with messages calling for the murder of Jewish and Black people and a moderator asking people to send pictures of their noses to “prove” they aren’t Jewish. Experts warn that memes can be a powerful tool for radicalization, giving far-right ideologies a new look that makes them more attractive in the digital age.