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Kanye West promoting cryptocurrency? The truth about YZY coin revealed, investors beware of risks
Kanye West denies any association with the existing YZY token and announces that he will launch his own independent cryptocurrency. This statement has sparked widespread attention and controversy in the crypto community.
Kanye denies association with YZY token
On February 22, Kanye clarified on social media that all YZY tokens currently circulating in the market are not related to him and stated that he will launch his own cryptocurrency in the coming weeks. He emphasized, "All tokens named after me are fake, and I will launch my own coin next week."
This statement has raised questions about Kanye's cryptocurrency plans, especially in the context of his previous assertions that he had no intention of entering the crypto space.
Cryptocurrency risks intensify
While some supporters believe Kanye's actions might bring market opportunities, ETF Store president Nate Geraci warns investors to be cautious, stating that if investors lose money in Kanye's coin, "they can only blame themselves." He believes that such tokens may exacerbate market volatility and transfer wealth to a select few.
New YZY tokens appear in the market
Following Kanye's statement, several YZY-themed tokens appeared on the Solana-based Pump.fun platform, further intensifying speculation about whether Kanye will actually launch a token. Reports indicate that Kanye may be developing a YZY token linked to his fashion brand, with over $18 million already bet that the token will be released this month.
Investors need to be cautious
Although celebrity-launched tokens are not uncommon in the market, such projects are often accompanied by instability and risks. Whether Kanye's YZY token plan can develop steadily remains to be seen by the market.