Kanye West to launch his own cryptocurrency - 70% of all tokens will be kept for himself

Rapper Kanye West, now known as "Ye", is preparing to launch his own memecoin, called "$YZY".

Following the trend

Crypto enthusiast and opinion leader Crypto Aman  posted  on the X network that West plans to create a memecoin and keep 70% of the tokens for himself. The remaining 30% of the tokens would be allocated to investors and liquidity.

Recently, several celebrities have issued memecoins, including US President Donald Trump. 

Others, such as Argentine President Javier Milei, have only supported memecoin initiatives but have not issued them themselves.

What connects celebrity crypto projects?

One common trait that unites celebrity crypto projects is that they experience large price spikes, often followed by sharp declines that rarely return to their original position.

Perhaps the most widely publicized failure was the Hawk Tuah memecoin, launched by internet celebrity Haliey Welch. It crashed quickly and has yet to recover, leaving buyers with huge losses.

Trump's memecoin , issued by the president himself after he was inaugurated, also failed to recover from its price drop from nearly $80 to $16.

First Lady Melania Trump also launched a memecoin, which also collapsed and has not recovered to this day. 

This trend has led the public to become more cautious about celebrity-backed tokens to avoid large losses.

Skepticism prevails

The cryptocurrency community advises against buying $YZY memecoin, especially since 70 percent of all tokens will be reserved for K. West.

This means that if he decides to sell his tokens (a process called "dumping"), memecoin will become almost completely unusable, and those who hold a small portion will lose their invested money.

The launch of $YZY was scheduled for February 20th, but was postponed until February 21st.