Odds of Kanye West Launching Token Plummet After He Says ‘Coins Prey on Fans’

Odds of Kanye West Launching Token Plummet After He Says ‘Coins Prey on Fans’

Kanye West Denies Cryptocurrency Launch, Calls Tokens a "Hype Trap"

Ye, the artist formerly known as Kanye West, has publicly denied any plans to launch his own cryptocurrency, dismissing the idea as a scheme that "preys on fans." His statement, made via social media, comes after reports that he had turned down a $2 million offer to create a token in his name.

Ye's post had an immediate impact on speculation surrounding a potential "Kanye coin." On Polymarket, a popular blockchain-based prediction platform, the perceived odds of him launching a token in February had reached as high as 40%. However, following his statement, that figure plunged to around 10% as traders adjusted their bets.

The announcement also triggered a steep decline in several memecoins that had surfaced in anticipation of a Kanye-backed token. According to Dexscreener data, one such token lost more than 65% of its value, while another dropped 89% following Ye’s denial.

In his post, Ye emphasized that he only pursues ventures he is “passionate and knowledgeable about” and added that he is "too rich to do anything else." Shortly after, he cryptically mentioned Coinbase CEO Brian Armstrong in another social media update, sparking curiosity about his potential interest in the broader crypto space.

The controversy comes after Ye’s previous run-ins with traditional financial institutions, including JPMorgan's decision to close his account in 2022. While his stance on cryptocurrency remains skeptical, his influence in financial and digital spaces continues to fuel speculation.