Ye’s Token Launch Odds Plummet After Denial
Rapper’s Post on Social Media Sees Perceived Odds of Launch Drop to 10%
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.
Meme Coins and Token Values
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 Previous Posts and Coinbase
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.
Conclusion
It appears that Ye’s denial of launching a token has had a significant impact on the perceived odds of such a launch occurring. The value of memecoins and tokens has plummeted, and it seems unlikely that the rapper will follow through on launching his own token.
FAQs
Q: What did Ye say about launching a token?
A: Ye posted on social media that he is “not doing a coin” and that “coins prey on the fans with hype.”
Q: What was the perceived odds of Ye launching a token before his denial?
A: The perceived odds of Ye launching a token this month had reached 40% on the popular prediction market Polymarket.
Q: How did the value of memecoins and tokens change after Ye’s denial?
A: One token lost more than 65% of its value, while a second one is down 89%, according to Dexscreener data.
Q: Did Ye mention Coinbase in his posts?
A: Yes, Ye appeared to want to get in touch with Coinbase’s CEO, Brian Armstrong, in a cryptic post.
