February 11, 2025
Ye, formerly known as Kanye West, denied reports on Saturday suggesting he was planning to launch his own meme coin, stating that he only pursues ventures in areas he is knowledgeable about.
Clear Scams
The controversial hip-hop artist took to X (formerly Twitter) to express his disapproval of the increasing trend of celebrity-endorsed cryptocurrencies. He said he creates products, not meme coins, before adding that he only engages in endeavors he is passionate and informed about.
Ye claims that most celebrities and influencers are actually paid a significant amount of money to willingly promote fraudulent meme coins, stating that these are clear scams which take advantage of fans through a combination of FOMO, hype, and parasocial relationships.
Meme Coins Surge
Ye revealed that he was approached with an offer of $2 million to scam his followers, which he promptly rejected. His comments triggered a 77% drop in the value of an unrelated meme coin, Kanye West (YE), according to CoinMarketCap. At the time of writing, the coin had limited liquidity and was not being traded on major cryptocurrency exchanges.
In any case, the remarks come amidst a surge of celebrity-driven meme coin launches in recent weeks, with notable examples including the TRUMP meme coin, endorsed by President Donald Trump himself, and the MELANIA coin, endorsed by First Lady Melania Trump.
