Summary
- Kanye West is preparing to launch memecoin 'YZY', claiming 70% of token supply for himself.
- Only 20% of the total tokens will be distributed to investors, suggesting investors should proceed with caution.
- The community has expressed criticism regarding the high insider allocation and lack of utility.
Ye (formerly Kanye West), the American rapper and fashion designer, is reportedly preparing to launch a memecoin called 'YZY'.
On the 21st, cryptocurrency media CoinDesk reported, citing project insiders, that "Kanye West is preparing to launch YZY, a memecoin based on the Yeezy brand."
According to the media, 70% of the total token supply will be distributed to Kanye, 10% will be allocated for liquidity provision, and the remaining 20% will be designated for investors.
The media outlet noted that "Ye's token issuance appears to be a strategy to secure direct sales channels after being removed from major e-commerce platforms like Shopify," while adding that "the community has voiced criticism regarding the 70% insider allocation and lack of utility."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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