Kanye West, also known as Ye, is always in the news for something, whether it’s his music, fashion, or controversial statements. Now, the artist is reportedly planning to launch his own meme coin, $XYZ, which could serve as the official currency for his Yeezy brand. While this has sparked some excitement, the journey hasn’t been smooth. Let’s take a look at what we know about Kanye’s potential dive into the world of cryptocurrency and whether or not $XYZ will live up to the hype.
Kanye’s Shift Towards Cryptocurrency
At first, Kanye seemed skeptical of the cryptocurrency world. In February, he openly expressed his disinterest in meme coins, saying, “I’m not doing a coin. I only do things I’m passionate and knowledgeable about.” His stance seemed clear—cryptocurrency was just another hype-driven trend. However, in a surprising twist, Kanye changed his tune and announced plans to launch $XYZ.
On February 22, Kanye shared with his followers on X (formerly Twitter) that he would be launching $XYZ the following week, warning them that any existing versions of the coin were “fake.” This move came just days after Kanye dismissed the idea of cryptocurrency, leading many to wonder: why the change of heart?
What is $XYZ?
According to insider reports, $XYZ is set to become the official currency for Kanye’s Yeezy brand website. With Shopify shutting down his online store after accusations of anti-Semitic remarks, Kanye has been looking for alternative payment solutions. Enter $XYZ, a meme coin that could serve as a new way for his fans and customers to purchase Yeezy products.
The token’s distribution is also causing quite a stir. Kanye is reportedly planning to keep 70% of the coin’s supply for himself, with 20% reserved for investors and 10% allocated for liquidity. This distribution model mirrors the approach taken by other controversial tokens, such as Donald Trump’s $TRUMP coin, which also raised eyebrows for its similar allocation structure.
Delays and Controversy
While the $XYZ token has grabbed attention, the launch has not been without its hurdles. The token was originally slated for release on February 20, but delays have pushed the launch back multiple times. Adding to the confusion, Kanye has deleted previous posts related to the coin, including discussions with Binance’s CEO, Changpeng Zhao.
Kanye also made headlines by claiming he no longer has control of his X account, sparking further speculation about his involvement in the project. Some dismiss this as typical of Kanye’s unpredictable behavior online, while others believe it could indicate that Kanye’s control over the $XYZ coin is slipping.
The Rumor Mill: Is Kanye Really Behind $XYZ?
Rumors are circulating that Kanye might not be the one launching the $XYZ coin after all. According to some reports, Kanye may have sold his X account to a company called “Barkmedia,” which is owned by MetaBark. This company has been linked to several rug pulls in the past, particularly during the NFT hype, and is now reportedly branching out into meme coin scams.
Some sources suggest Kanye sold his X account for $20 million, pocketing $17 million after a 15% fee to a third party. If true, this would imply that Kanye might not even be directly involved in the coin’s launch, raising questions about his actual role in the project.
The Dark Side of Meme Coins
With the recent controversies surrounding meme coins, including high-profile rug pulls by influencers and politicians, there is growing skepticism about the future of these tokens. Many believe the market is rigged, with insiders and market makers profiting off unsuspecting retail investors. The rise and fall of meme coins, particularly those tied to celebrity endorsements, has led to a general sense of distrust in the space.
For Kanye, entering the meme coin world at this point is risky. With so many scams and failed projects in the market, it’s hard to see how $XYZ can avoid falling into the same traps. If rumors are true and Kanye isn’t directly behind the project, it’s even more concerning. As meme coins become more associated with quick profits and shady practices, potential investors are becoming increasingly wary.
The Meme Coin Market Sentiment
Currently, the meme coin market is facing a downturn. The hype surrounding meme coins has fizzled out, and the general sentiment has shifted towards skepticism. Coins like $DOGE and $SHIB, once the darlings of the meme coin space, have seen significant declines in value, and new tokens are facing the same fate.
With the prevalence of rug pulls, price manipulation, and the over-saturation of the market, it’s no surprise that many traders are stepping back from meme coins. As Kanye steps into this turbulent space, many wonder if $XYZ will become another casualty of the meme coin craze.
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Is Kanye’s Coin Worth the Risk?
Given the current state of the meme coin market and the uncertainty surrounding Kanye’s involvement, it’s hard to see how $XYZ could succeed in the long run. The token has already faced delays, controversies, and rumors of a lack of direct involvement from Kanye himself. Combine that with the current market sentiment and the fact that meme coins have been losing favor, and it’s tough to get excited about $XYZ.
However, Kanye has never been one to shy away from controversy or risk. His ventures, both in music and fashion, have often defied expectations, so there’s always a chance that $XYZ could surprise us. But for now, with all the drama surrounding the launch, many might be better off sitting this one out.
Conclusion: Should You Invest in $XYZ?
Kanye’s potential launch of $XYZ has certainly turned heads. However, with the current state of the meme coin market and all the rumors swirling around the project, it’s hard to recommend getting involved. Kanye’s influence in the space is undeniable, but his track record with this type of project is far from clear. For now, it might be wise to hold off on investing in $XYZ and wait for more clarity on whether Kanye is truly behind the project or if it’s just another risky venture in the unpredictable world of meme coins.
As with any investment, especially in the volatile world of cryptocurrencies, it’s important to do your own research and be prepared for the risks involved. With the meme coin market struggling to find stability, $XYZ might just be another fleeting trend in a space full of uncertainty.
If you enjoyed this blog, check out the entire post-mortem piece of the Bybit hack.
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