Kanye West Announces the Launch of His Coin YZY Next Week, Clarifies All Current Coins Are Fake

Just a day before this announcement, the odds of Kanye launching a coin spiked to 83% on Polymarket with a volume over $9.3 million.

Musician and fashion mogul Kanye West recently announced via his Twitter account that he will launch his coin, dubbed YZY, next week. Moreover, he stated that all the current coins are fake.

This announcement comes just a day before the odds of Kanye launching a coin spiked to 83% on Polymarket, with a volume of over $9.3 million. Notably, traders have been eagerly awaiting this news as Kanye has been preparing to launch YZY as an official currency for his brand Yeezy, allowing holders to make purchases on the Yeezy website.

As the hype surrounding YZY builds, several fake YZY coins have been rapidly launching on Pump.fun. One of these tokens has managed to achieve a market cap of $15 million, accompanied by $33 million in volume over the last 24 hours, partially convincing traders that it is the genuine article.

However, at 2:21 AM UTC when Kanye finally announced the launch of the real YZY, the fake coin's market cap quickly plummeted to $648k, based on DexScreener's chart. At press time, the token's market cap sits at $2.21 million as degens eagerly await the contract address of the real token.

It's worth noting that Kanye has yet to fully confirm whether he will launch his coin on Solana or Base.