Popular American Rapper Ye formerly known as Kanye West launched his cryptocurrency YZY. According to multiple reports, Kanye West will launch his own Meme Coin named YZY. It is anticipated that the token is expected to serve as the official currency for his Yeezy clothing brand, according to a report from CoinDesk.
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What’s the Story?
Hussein Lalani, claiming as Yeezy’s CFO, sent CoinDesk an email outlining the coin’s details, distribution strategy etc. Despite an embargo request, the document was published after verification by three sources. The token was initially set to launch on Thursday but has been rescheduled to Friday. Now the token has been officially launched on multiple exchanges.
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YZY Token : A Meme Coin
The YZY tokenomics show that 70% of the total supply is reserved for Ye, while 10% is allocated for liquidity and 20% for investors. The rapper’s share will be subject to a vesting schedule, locking some portions for up to 12 months. However, concerns have been raised about the high percentage allocated to Ye (Kanye West).
Strategic Plan
This strategic move is believed to be part of Ye’s effort to rebuild his income following the loss of partnerships with Adidas, Shopify, and other major brands due to his controversial statements. In recent years, he has faced backlash for antisemitic remarks, leading to a series of severed business relationships.
Interestingly, Ye previously dismissed the idea of launching a token, stating that crypto projects prey on fans with hype. However, with YZY now reportedly in the works, it remains to be seen how the crypto and fashion worlds will respond.
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