While Kanye West‘s previous business ventures have sparked controversy, his latest foray into cryptocurrency takes chaos to a new level. The rapper, who previously dismissed digital assets, now claims he’s launching his own cryptocurrency – while simultaneously denying any connection to existing YZY tokens floating around the market. The token will launch on the Solana blockchain, joining other popular meme coins on the platform.
The plot thickens with rumors that West sold admin access to his X account to meme coin trader Barkmeta. Multiple users noticed suspicious changes in the account’s settings – dark mode switching to light, time format alterations, the usual red flags. Though Barkmeta denies everything, whispers of a $17 million payoff won’t die down. His erratic behavior included unfollowing CZ Binance and following other crypto figures instead. Community Notes suggests multiple people are pulling the strings behind West’s digital curtain.
Then came “Swasticoin” – yes, really. West’s announcement of this controversially named token included plans for decentralized exchange listings and a since-deleted post claiming “only broke boys rug pull.” The proposed token distribution raised eyebrows: 70% for Kanye, 20% for investors, and 10% for liquidity, with some of West’s holdings locked for a year. Critics point out that legitimate projects typically focus on providing liquidity to ensure trading stability.
This mess fits right into the current celebrity meme coin trend, where famous faces front digital tokens that often disrupt markets and raise legitimacy concerns. For West, who’s lost major partnerships, crypto might look like a financial lifeline. But after reportedly turning down a $2 million meme coin promotion offer earlier, his sudden embrace of crypto has left many scratching their heads.
The crypto community’s reaction has been predictably divided. Some see it as another celebrity cash grab, while others warn of potential market manipulation and liquidity extraction. With a 71% chance of the token launching this month, the crypto world watches with a mix of horror and fascination.
Because if there’s one thing Kanye West knows how to do, it’s keep people talking – even if it means diving headfirst into the wild west of cryptocurrency.
