Just a few days after the unpleasant ‘rise and fall’ of LIBRA, a meme coin backed by Argentinian president Javier Milei, another meme coin has triggered discussions in the cryptocurrency market. This time, American rapper, designer, and entrepreneur Ye, formerly known as Kanye West, is the one who is preparing to try his luck in the meme coin sector – which is already a highly saturated market. He was supposed to launch his meme coin, named YZY, on February 20.
But the launch was postponed to an undisclosed date. He is facing serious criticisms for his anti-Semitic statements. The big question is: Will Ye ever launch YZY? A polymarket bet predicts that there is only a 36% probability that Ye will launch a meme coin before the end of this month. Let’s analyse the entire scenario in depth! Ready?
YZY Coin and Its Purpose
YZY is designed as a meme coin, similar to Dogecoin. Unlike most meme coins, Ye’s meme coin will have some utility. It will function as the official currency of the Yeezy brand and website. This means that this token will be accepted as payment on the Yeezy webitse.
Why Is Kanye Turning to Crypto?
Actually, it was when Ye’s pro-Nazi stance brought his business empire to a situation of partial collapse that the rapper entered the crypto industry to prevent his empire from falling into the pit of total collapse.
Since 2022, the year when he publicly expressed his respect towards Adolf Hitler, his business relationship with top brands like Adidas and Baleciaga has slowly weakened. At one point, even his talent agency detached its tie with him.
Embracing the crypto industry is expected to give him an opportunity to create an alternative to mainstream platforms.
Ye’s YZY: Tokenomics and Allocation
According to sources, at least 70% of the tokens of YZY will be owned by Ye, nearly 20% will be released for investors, and around 10% will be earmarked for the liquidity purpose of the YZY market.
It appears that the YZY market aims to follow the same tokenomics pattern as Dogecoin – the topmost meme coin by market cap.
Will YZY Ever be Launched?
It is doubtful whether it is the right time to release a meme coin. Except the striking success of TRUMP – a meme coin released by the family of US President Donald Trump, not many celebrity meme coins have experienced success in the recent history of the meme coin market. The collapse of LIBRA, a meme coin based by Argentina president Javier Milei, is the latest of the depressing failures the market has witnessed in its recent history.
In the last 24 hours, the meme coin market has seen a drop of 14.8%. Dogecoin has declined by 10.6%; Shiba Inu by 9%; Pepe by 14.1% and Bonk by 15.3%. And, even Official Trump has witnessed a fall of 15.6%.
Anyway, reports say that Ye will release his meme coin by the end of the week itself. Can YZY taste success? Only time will tell!
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