Decentralized Betting on Kanye West Crypto Token Launch
Crypto enthusiasts on the decentralized platform Polymarket are placing bets on the possibility of Kanye West, now known as Ye, launching a crypto token this month.
Market Odds and Current Situation
The market odds currently stand at 76% for the launch of the YZY token, showing a significant surge of almost 55% in the past 24 hours. This surge comes after reports indicating Ye’s plans to introduce the YZY token, despite previous denials of any interest in digital assets.
As of now, over $11 million has been staked by bettors on the potential debut of the memecoin.
YZY-themed Tokens on Solana’s Pump.fun Platform
Blockchain data reveals the existence of various YZY-themed tokens on Solana’s Pump.fun platform. However, the legitimacy of these tokens remains unverified.
Details of the YZY Token
CoinDesk recently reported that the YZY memecoin could potentially serve as the official currency for Ye’s Yeezy clothing line. The information was attributed to an unsolicited press release from Hussein Lalani, claiming to be Yeezy’s Chief Financial Officer. Multiple sources familiar with the project have reportedly confirmed these details.
The token distribution plan allocates 70% of the total supply to Ye, with the remaining 30% divided into 10% for liquidity and 20% for investors. Ye’s holdings will be subject to a multi-phase vesting schedule, restricting the sale of certain tokens for up to a year.
Kanye West’s Involvement in Crypto Controversies
In a recent revelation on social media platform X, Kanye West disclosed that scammers offered him $2 million to endorse a fraudulent memecoin using his name. The deal included an upfront payment of $750,000 and an additional $1.25 million promised after promotion of the token.
Despite these offers, West declined, stating his disinterest in deceiving his followers. He also highlighted his net worth of $2.77 billion, achieved without any crypto endorsements.
Furthermore, the rapper hinted at future engagements with the industry, sharing a conversation where he sought advice from a trusted source who directed him to Coinbase CEO Brian Armstrong for guidance.
