Kanye West set to launch memecoin with 70% of tokens reserved for him

Add TechGaged as your preferred source on Google

See more TechGaged stories across Google News and Discover.

Add

Former rapper Kanye West, currently known as “Ye” is preparing to launch a memecoin known as YZY.

According to a tweet by a crypto influencer on 21 February, Ye plans to reserve 70% of the token supply for himself while investors and liquidity get 30%.

The news has sparked curiosity among X users who are wondering what the outcome of the token will be like.

Following the trend

Several celebrities have launched memecoins recently, including current president of the U.S Donald Trump. Others such as Argentina’s president Javier Milei have only offered their endorsement to a memecoin.

One thing such projects have in common though, is that they all experience massive and rapid price growths before crashing to hardly recover.

One of the worst ever was the “Hawk Tuah” girl who launched a memecoin that crashed within a short time and has not recovered, leaving those who bought it to count their losses.

TRUMP, the memecoin launched by president Trump shortly after assuming office has also not recovered since the price dropped to just over $16 after reaching a high of close to $80.

The first lady, Melania Trump also launched a memecoin which crashed and has also not yet recovered. This trend has caused the public to be wary of celebrity tokens to avoid experiencing losses. 

Don’t buy

The advice coming from the crypto community is, don’t buy the YZY token. This is especially as 70% of the supply will be reserved for Ye.

What this means is that if he decides to sell off his tokens (known as dumping), the token becomes almost entirely useless and those holding the small portion will lose their money. 

The token was scheduled for launch on Thursday 20 February but was delayed until today Friday 21.