Controversial rapper Ye, formerly known as Kanye West, denied intentions to launch his own meme coin on Saturday, stating that he only focuses on things he is “knowledgeable” about.
What Happened: The famous hip-hop artist took to X to express his disdain for the growing trend of celebrity-endorsed cryptocurrencies.
“M not doing a coin. I make products. I only do things I am passionate and knowledgeable about. I’m too rich to do anything else. Coins prey on the fans with hype,” Ye said.
He further revealed that he was offered $2 million to “scam” his community, an offer he promptly declined.
Ye’s remarks triggered a 77% collapse in the value of an unrelated meme coin, Kanye West (YE), according to CoinMarketCap. Note that the coin had very thin liquidity as of this writing, with no trading happening on mainstream cryptocurrency exchanges.
See Also: Trump-Announced Wealth Fund Should Choose MicroStrategy Bonds Over Bitcoin, Analyst Says
Why It Matters: Ye’s remarks come in the wake of several celebrity meme coin launches in recent weeks, the most prominent being Official Trump TRUMP/USD, launched by President Donald Trump, and Official Melania MELANIA/USD by the First Lady.
The coins have accumulated tens of billions in combined market valuation, with speculations that the first couple may benefit directly from the gains.
Top cryptocurrency voices like Ethereum ETH/USD creator Vitalik Buterin have long argued against such projects, stating that they just benefit celebrities and early adopters.
This was not the first time Ye has voiced his disapproval of the digital asset trend. Back in Feb. 2022, he asked fans to “stop asking” him to get into non-fungible tokens, emphasizing that he makes music and products in the “real world.”
Photo by Sky Cinema on Shutterstock
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