Ye’s Decision on Memecoin

Ye, the rapper and designer formerly known as Kanye West, announced on X that he has no plans to drop a memecoin after initially teasing the idea on Friday.

> “I’M NOT DOING A COIN,” Ye stated on X Saturday, as part of a series of erratic social media posts he has published since Thursday night. “I ONLY DO THINGS I AM PASSIONATE AND KNOWLEDGEABLE ABOUT…COINS PREY ON THE FANS WITH HYPE.”

Ye’s explicit and often offensive recent posts occasionally referenced crypto. The rapper mentioned he was offered $2 million to launch a memecoin and expressed interest in contacting Coinbase CEO Brian Armstrong, as reported by The Block.

> “I also turned down a fake coin tweet,” Ye added in another post.

A Polymarket prediction market launched on Thursday speculated on the possibility of Ye launching a coin in February, initially giving it a 40% chance. This probability crashed to 13% following Ye’s announcement.

Ye’s recent posts have stirred controversy due to their often offensive content, including praise for Nazi imagery and attacks on Jewish individuals. As a result, he lost his long-term partnership with Adidas and was dropped by the Creative Artists Agency in 2022 over similar statements.