Kanye West is preparing to launch the YZY memecoin

Kanye West, now known as Ye, is releasing the YZY token, which will serve as the official currency of the famous Yeezy brand and fans will soon be able to use YZY to purchase products directly from the website.

Kanye West (Ye) why did he turn to cryptocurrency?

In 2022, Ye lost partnerships with Adidas, Balenciaga, and other major brands after making controversial statements. More recently, he released a T-shirt with a swastika on the Yeezy website, leading to the shutdown of Shopify's online store.

Now, Ye, who is cutting ties with traditional platforms, is turning to crypto as a way to regain control over its brand without relying on big companies. According to Ye's plan, 70% of YZY tokens will go to itself, 10% for liquidity, and 20% for investors. Ye's token share will be distributed through a multi-stage earning program, with some coins being locked for up to 12 months, meaning they cannot be sold until then. This situation has raised concerns as it gives Ye a dominant share, leaving very little room for external investors.

When will YZY Token be released to the market?

The launch of the token, which was initially planned for Thursday at 18:00, has been postponed to Friday, but no official reason has been given. It is estimated that the reason for the one-day delay is internal concerns about negative public perception following famous crypto scandals. The most recent famous crypto scandal was when the memecoin LIBRA, supported by Argentine President Javier Milei, was revealed to be a pump-and-dump scheme, leading to a political crisis.

The similarity of YZY Token to TRUMP Token

The structure of YZY's token economy is very similar to the structure of the TRUMP memecoin launched just before U.S. President Donald Trump's second term. 80% of TRUMP's supply is held in a company with connections to Trump. This situation has led to discussions but has achieved significant financial success. It is reported that Ye is looking for a similar arrangement, initially demanding 80% of the supply and then reducing it to 70%.

Famous support-backed tokens have a complex history. Many of them experience short-term speculative fluctuations before collapsing, causing losses to retail investors. Memecoins launched by Russ Millions, Jason Derulo, Iggy Azalea, and Andrew Tate are now nowhere to be found and continue to fall. YZY is entering the cryptocurrency projects market, accused of exploiting fan loyalty without benefiting many.

Some have suggested that Ye's assets will be locked up under a multi-stage vesting schedule, with some coins being inaccessible for up to 12 months. Despite these concerns, Ye's controversial reputation and strong fanbase could increase significant speculative interest in YZY. However, it remains to be seen whether the token will be able to sustain its long-term value or simply serve as another short-lived memecoin.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.