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Kanye West drops the mic on meme token launch: ‘Coins prey on fans with hype’
Rap mogul Kanye West has made it clear that he won’t be joining the ranks of celebrities launching their own meme tokens anytime soon. In a series of posts on his X app, Ye (as he’s now known) shut down rumors about him entering the meme coin market by stating that coins prey on fans with hype.
According to sources close to the matter, West has no intention of creating or promoting a meme token, and instead, wants to focus on making products that he is passionate and knowledgeable about. This bold stance comes as no surprise given his reputation for being unapologetically candid.
The controversy began after Ye’s net worth was revealed by Forbes at $400 million. Speculators took this information as an opportunity to speculate about a potential meme token launch, leading to the price of a Solana token using the ticker “YE” to surge nearly 290% before rapidly declining, according to CoinGecko.
It is clear that Ye’s influence has significant implications on market trends, and his disinterest in creating a meme token has resulted in a substantial correction for the YE token. In fact, it is important to note that West recently rejected an offer of $2 million to promote a fraudulent “ye currency” on X, further solidifying his stance against getting involved with the meme coin scene.
It remains to be seen whether Kanye’s comments will have a lasting impact on the meme coin market, but for now, fans and investors alike should rest assured that Ye is not looking to cash in on their hype.
Source: cryptobriefing.com
