While once dismissing digital assets as irrelevant, Kanye West has pulled a complete 180 with his sudden announcement of the YZY token. The controversial artist declared on February 22, 2025, that all existing tokens using his name were unauthorized, promising an official launch “next week.” Yeah, because that’s not suspicious at all.
The proposed token structure raises eyebrows: a whopping 70% allocation to West himself, 20% for investors, and 10% for liquidity. Sure, some of West’s holdings are supposedly locked for a year, but let’s be real – that’s still an enormous concentration of power in one person’s hands. The token is supposedly designed to be the official currency for the Yeezy brand, conveniently bypassing platforms that cut ties with West over his controversial posts. Polymarket betting has already seen over $18 million wagered on the potential release of the token. With unlimited token supply becoming increasingly common in meme coins, the lack of a clear cap on YZY tokens is particularly concerning.
What’s particularly interesting is the timing. Just days before, West had reportedly rejected a $2 million offer to promote a meme coin. Then came the CoinDesk report, followed by the announcement, and suddenly – poof! – most crypto-related tweets vanished. The crypto community isn’t buying it. Many suspect West’s X account has either been compromised or sold to known meme coin schemers, possibly the BarkMeta team. His recent $17 million XRP transfer to BarkMeta Doginals only adds to the suspicion.
This latest move follows a concerning trend of celebrity-backed tokens, including Donald Trump’s TRUMP memecoin and Melania Trump’s MELANIA coin. Even Argentine President Javier Milei got in on the action with a Solana-based meme coin. Because apparently, everyone needs their own digital currency now.
The crypto community’s reaction has been mixed, with many pointing out red flags. The inconsistency with West’s previous stance on crypto, the high token concentration, and the rushed announcement timeline all smell fishier than last week’s sushi.
Whether this is actually West’s initiative or someone else pulling the strings remains unclear. But one thing’s certain: the intersection of celebrity influence and crypto continues to be a wild, unpredictable ride.
