YE’S CRYPTO DECISION SHOCKED ALTCOIN MARKETS

#altcoins #elg #escoin #FTXrepayment #escoin

Ye, formerly known as Kanye West, announced on social media that he would not be issuing a cryptocurrency, arguing that such initiatives exploited fans with “hype.” His statement led to a sudden drop in the speculative value of meme coin tokens associated with him. According to CoinDesk’s report, the probability of a Ye-backed token launching on Polymarket was 40% before the announcement, but dropped to 10% afterward (CoinDesk, 2023). In addition, Dexscreener data showed that one of the tokens lost 65% and the other lost 89% (Dexscreener, 2023)