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Kanye West drops the mic on meme token launch: ‘Coins prey on fans with hype’
Rap mogul and entrepreneur Kanye West has categorically denied rumors surrounding a potential meme coin launch, stating that coins “prey on fans with hype.” The news comes as a major blow to those hoping for a Ye-branded cryptocurrency.
In a series of posts on his X account, the multi-platinum artist and fashion icon firmly shut down speculation about launching a meme token. West emphasized his commitment to creating high-quality products, rather than cashing in on fan enthusiasm.
“I MAKE PRODUCTS,” he wrote in an all-caps post, driving home his point. “IM NOT DOING A COIN.”
The controversy surrounding the potential launch began after West’s name became associated with a Solana token that surged by almost 290% before plummeting back down, according to CoinGecko data.
Industry insiders suggest that this surge was largely driven by hype and speculation surrounding a possible Ye-backed cryptocurrency. However, it appears that these rumors were unfounded.
The incident highlights the problematic nature of meme coins, which often prey on unsuspecting fans and exploit their enthusiasm for profit.
In the wake of West’s denial, the price of the aforementioned Solana token has dropped significantly, returning to its pre-hype levels.
As one of the most influential figures in popular culture, Kanye West’s stance on meme tokens serves as a cautionary tale about the potential risks associated with these types of investments.
Source: cryptobriefing.com
