Popular global sensation Kanye West has announced that he will launch his YZY meme coin next week. He also added that most of the coins flooding the market mimicking him are fake.
A day before the announcement, the odds of Kanye West launching a token went up to 83% on Polymarket, signaling a huge possibility with $9.3 million bets on it.
Kanye West to launch his meme coin
According to reports, Kanye West will launch the YZY meme coin about his brand Yeezy. Holders of the token will be open to some perks, including purchasing things on his website with the coins. While the hype surrounding the coin has been building, traders are still anticipating it.
In the last few days, there have been many fake tokens mimicking West, with one seeing a $15 million market cap and $33 million worth of volume over the last 24 hours. The developers did well to convince traders that the token was real.
After Kanye’s announcement, the token’s market cap dropped, with Dexscreener’s chart showing that it is presently $648k. The token now has a market cap of about $2 million, with traders waiting for West’s token to launch. However, it remains to be seen where he will choose to launch his token.