Kanye West Dismisses Cryptocurrency Plans, Claims 'Coins Exploit Fans'
The artist Kanye West has retracted any intentions of launching a cryptocurrency, stating that such ventures take advantage of his followers.
What You Need to Know:
- Kanye West stated on social media that he is not launching a cryptocurrency, claiming these “prey on fans.”
- Following this announcement, the estimated likelihood of Kanye releasing a token dropped significantly, along with the value of related altcoins.
The perceived chances of Ye, formerly known as Kanye West, launching a cryptocurrency token have greatly decreased after he declared on social media that he is “not doing a coin,” emphasizing that “coins prey on the fans with hype.”
That post caused the perceived chances of Kanye introducing a token this month, initially around 40% on the well-known prediction market Polymarket, to fall to approximately 10% as traders reacted.
STORY CONTINUES BELOW
Various memecoins named “Ye” surfaced following the rapper’s conversation about crypto, anticipating a token launch. However, in light of his recent denial, these coins have tumbled in value. One token has lost more than 65% of its value since Kanye’s announcement, with another dropping 89%, according to Dexscreener data.
Ye asserted that he only engages in ventures he is “passionate and knowledgeable about,” claiming he is “too rich to do anything else,” following a prior declaration where he stated he rejected a $2 million offer to create his own token. After posting, Kanye seemed to reach out to Brian Armstrong, CEO of Coinbase, in a cryptic message.
Read more: JPMorgan Closed Kanye’s Account. Yes, There’s a Crypto Angle
