Kanye West Moves to Launch YZY Token Amid Controversy, Aims to Bypass Censored Platforms
Prominent American rapper Kanye West, aka Ye, is venturing into the crypto space by introducing his new token, YZY. This move comes after West faced several controversies that led to major platforms severing ties with him. With YZY, he plans to circumvent these platforms while integrating the token into his Yeezy brand's ecosystem.Token Distribution and RoleThe YZY token will be distributed in a manner that ensures Ye retains control over the project. A majority share, 70%, will be allocated directly to him, with 10% set aside for liquidity purposes and 20% for investors. YZY is designed to serve as the primary medium of exchange within the Yeezy brand. This means it will be a tenable form of payment on his official website. This allows Ye to take more control over the transaction process, bypassing traditional payment systems.Launch Delay and Project UpdatesThe tokens initial release was slated for Thursday evening, but sources familiar with the project revealed that it had been postponed until Friday. The delay raises questions about the execution of the launch, though no further details have been provided. This setback comes amid the YZY token generating significant attention from the public.Recent Trend of Meme Coin LaunchesYes cryptocurrency initiative follows a series of similar launches and promotions by other prominent figures. Argentine President Javier Milei recently promoted a Solana-based meme coin that briefly gained attention before plummeting in value. Milei later distanced himself from the coin. He stated that he was uninformed about its details before sharing it with his millions of followers. Similarly, U.S. President Donald Trump released the TRUMP meme coin in January, which saw an immediate spike but has since plummeted. First Lady Melania Trump also launched her own coin, MElANIA, around the same time. Despite their popularity, both tokens have struggled to maintain the initial bullish momentum they set out with as the prices continue to lower.
Text source: The Crypto Basic
