- Ye, formerly Kanye West, has taken to X / Twitter to declare he has no intention of launching his own memecoin.
- Ye says he was offered US$2 million to launch a token and scam his remaining fans of tens of millions of dollars — an offer he claims to have declined.
- In addition to not launching memecoins, Ye has also been busy declaring himself a Nazi, saying he loves Hitler and requesting meetings with Coinbase CEO, Brian Armstrong — is it just me or is the internet getting stranger?
Hear Ye! Hear Ye!
Good news crypto community, the internet’s voice of calm rationality has waded into the crypto space, bearing weird but seemingly good news. The rapper Ye (formerly known as Kanye West), declared on X / Twitter over the weekend that he isn’t planning on launching a memecoin specifically intended to fleece his fans of their hard earned money. Noice…I guess.
In his tweeted declaration Ye likened celebrity memecoins to sneakers, stating: “I AM NOT DOING A COIN”. He added:
COINS PREY ON THE FANS WITH HYPE JUST LIKE HYPED UP SNEAKERS CULTURE.
Ye (formerly Kanye West)As you can see, Ye has a fondness for all-caps.
Previously, Ye had tweeted that someone offered him US$2 million (AU$3.19 million) to launch a shitcoin and scam his followers out of tens of millions of dollars — an offer Ye says he declined.
Weirdly, Ye has actually been a huge part of the “hyped up sneakers culture”, collaborating for years with both Nike and Adidas through his fashion brand Yeezy to design and sell high-end sneakers. The collaboration with Adidas came to an end in 2022 after Ye made a series of anti-Semitic remarks.
Since then Ye has remained a leader in the highly competitive field of deranged online anti-Semitism, recently praising Hitler, declaring himself a Nazi and attacking Jewish people on X / Twitter.
Related: Dems Cry Ethics Breach Re TRUMP-Token, Vitalik Buterin Echoes Bribery Concerns
Most Doubt Ye Will Launch Coin, For Now
Any time a celebrity commits to not launching a shitcoin specifically intended to scam their fans, it’s ostensibly a good thing. However, Ye’s behaviour recently has been so erratic and unusual it wouldn’t be particularly surprising if he just went ahead and launched a shitcoin anyway.
And he’s certainly getting some encouragement to do it. The official X / Twitter account of the memecoin launchpad, pump.fun tried to goad Ye into launching a token, replying to one of Ye’s posts with “channel Andrew Tate and launch a token”.
Meanwhile, YouTuber Faze Banks posted to X / Twitter encouraging Ye to launch a coin, saying the rapper is “one of maybe 5 humans on earth” that could “successfully launch a coin”. It’s not clear what Faze defines as success in a coin launch — maybe scamming his fans for tens of millions of dollars?
For now it appears that most in the crypto community trust Ye and believe he won’t be launching his own coin in the short term. On the blockchain-based prediction market, Polymarket, the odds of a Ye-backed coin launching in February fell from about 40% to around 10% after he declared his lack of interest.
Amongst all this shitcoin talk and Hitler praising, Ye also found time to reach out to Coinbase CEO, Brian Armstrong, tweeting a screenshot of a text exchange where someone told him that Brian Armstrong exists and commenting “concerning crypto”. The tweet has now been deleted.
Hopefully with celebrities like Ye (is celebrity still the correct word for whatever Ye is?) hitting out at celebrity memecoins combined with the recent poor performance of $TRUMP and $MELANIA, we might just be seeing a change in sentiment around shitcoins.
Related: TD Cowen Warns Trump’s Memecoin Could Spark Partisan Strife, Delay Crypto Legislation Efforts
Perhaps soon we’ll see a return to a focus on the true potential of blockchain technology and less of a focus on high-profile figures milking their followers for all they’re worth.
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