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Odds of Kanye West Launching Token Plummet After He Says ‘Coins Prey on Fans’
The rapper denied plans to launch his own cryptocurrency after saying he turned down a $2 million offer to do so.
What to know:
- Kanye West said on social media that he is not launching a cryptocurrency, saying these "prey on fans."
- The announcement led to a significant decline in the perceived odds of a Kanye-backed token launch and a drop in the value of altcoins associated with the speculation.
The perceived odds of Ye, the rapper formerly known as Kanye West, launching a token have plummeted after he posted on social media that he is “not doing a coin” in a post where he added that “coins prey on the fans with hype.”
That post saw the perceived odds of Kanye launching a token this month, which at one point reached 40% on the popular prediction market Polymarket, plunge to around 10% as traders reacted to it.
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Various memecoins, called "Ye," have popped up since the rapper started the conversation about crypto on social media, in anticipation that the rapper is going to launch a token. However, after the denial, these have seen their value plunge. One of the tokens has lost more than 65% of its value since the rapper’s post, while a second one is down 89%, according to Dexscreener data.
Ye’s post, in which he said he only does things he is “passionate and knowledgeable about” while being “too rich to do anything else,” came after a previous one in which the rapper said he turned down a $2 million offer to launch his own token. After his posts, the rapper appeared to want to get in touch with Coinbase’s CEO, Brian Armstrong, in a cryptic post.
Read more: JPMorgan Closed Kanye’s Account. Yes, There’s a Crypto Angle
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
Lo que debes saber:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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