A little known memecoin “YZY” experienced significant surge of over 85% within 24 hours after rumors surfaced that popular celebrity Kanye West is planning to endorse a crypto token of his own, taking a clue from U.S. President Donald Trump and other popular figures.
According to media reports, West, who is now rechristened as Ye, is planning to endorse a cryptocurrency that will align with his clothing merchandise as well as other business ventures. Soon after the news broke out, a token YZY rose 85% as speculations suggest Ze (formerly West) plans to use it instead of traditional platforms such as Shopify due to his controversial statements that led to his separation from the platform.
Weeks after its release, YZY token has been touted to become the main currency for the Yeezy brand of Ye by targeting users on his Yeezy website to use this token as their primary payment method. Sources participating in this project indicate that Ye holds 70% of the token supply while investment recipients receive 20% while protection of liquidity amounts to 10%. Ye launched his crypto project to escape the negative impact of his anti-Semitic comments from the past three years that resulted in Adidas and Balenciaga ending their relationships with him.
During an interview Ye shared his plans to launch a token and this news emerged while he continued discussing his objections regarding memecoins. The project’s inside sources claim that Ye wants to replicate Trump’s TRUMP coin which shared its same token distribution scheme where 80% ended up with a company associated with Trump.
The YZY token becomes a member of numerous celebrity-backed cryptocurrency projects that have received criticism for misusing their followers’ loyalty without providing concrete advantages.
Also Read: Beware of Fake Memecoins of Celebs Launched by Scammers
