Just days after the dramatic rise and fall of LIBRA, the meme coin linked to Argentinian president Javier Milei, another celebrity-driven crypto project has taken center stage. This time, it’s none other than Ye—formerly known as Kanye West—who’s making waves in the already overcrowded meme coin market. His much-anticipated YZY coin was set to launch on February 20, but the release has been pushed back indefinitely.
Why the delay? Ye is currently facing backlash for his controversial anti-Semitic remarks. And now, the big question is: Will YZY ever see the light of day? According to Polymarket predictions, there’s only a 36% chance that YZY will launch before the end of the month. Let’s break down the situation.
What’s the Purpose of YZY?
YZY isn’t just another meme coin like Dogecoin or Shiba Inu. Ye plans to integrate YZY into his Yeezy brand ecosystem. It’ll serve as the official currency for the Yeezy website, making it possible for fans to purchase products directly using the token. This gives YZY a practical use case, setting it apart from most other meme coins that thrive purely on hype.
Why Is Kanye Getting Into Crypto?
Ye’s crypto venture seems to be more of a survival strategy than a passion project. After his pro-Nazi comments in 2022, major brands like Adidas and Balenciaga cut ties with him, and even his talent agency severed connections. As his business empire teetered on the edge of collapse, Ye turned to the crypto world, hoping to create an independent platform that doesn’t rely on mainstream institutions.
YZY Tokenomics: Who Gets What?
Insiders reveal that YZY’s tokenomics will follow a structure similar to Dogecoin. Here’s how the allocation looks:
- 70% of the tokens will be controlled by Ye himself.
- 20% will be released to investors.
- 10% will be reserved for liquidity purposes.
This heavy concentration of ownership in Ye’s hands might raise some eyebrows, but it’s not uncommon in celebrity-driven crypto projects.
Will YZY Ever Launch?
Timing couldn’t be worse for a new meme coin. The market is in freefall, with the entire meme coin sector dropping 14.8% in the last 24 hours. Here’s how some of the top tokens have performed:
- Dogecoin: -10.6%
- Shiba Inu: -9%
- Pepe: -14.1%
- Bonk: -15.3%
- Even Official Trump, the meme coin linked to Donald Trump’s family, has fallen by 15.6%.
With the recent collapse of LIBRA and the current bearish trend, it’s hard to imagine YZY making a grand entrance anytime soon. Still, reports suggest Ye plans to push forward and launch the coin by the end of the week.
Will YZY succeed where other celebrity-backed coins have failed? Only time will tell, but right now, the odds don’t look great.