Kanye West, now known as Ye, has publicly denied any involvement with the YZY tokens currently circulating in the market and announced plans to launch his own cryptocurrency next week. This move has stirred up speculation and debate, especially given his previous dismissal of digital assets.

On February 22, Ye clarified the situation in a post on X, stating that all tokens using his name are unauthorized and “fake.” He emphasized that he will be launching his own token soon, writing, “I’m launching next week.” The announcement has sparked a variety of reactions, with some fearing it may be another celebrity-driven scam, while others suggest he should be careful about the timing of the launch.

Critics point out the inconsistency with Ye’s earlier stance on cryptocurrency. Nate Geraci, President of ETF Store, warned that potential investors should be cautious and accept the possibility of losses, as he believes that if the venture goes wrong, no one will be held accountable.

Recent reports have highlighted the emergence of YZY-branded tokens on the Solana-based platform Pump.fun, fueling speculation about an official token launch. Some sources suggest that Ye is working on a token linked to his Yeezy brand, with a press release from Hussein Lalani, reportedly Yeezy’s CFO, confirming the project.

Details about the token suggest that Ye could control 70% of the supply, while 20% would be allocated to investors and 10% for liquidity. Part of his holdings would be locked for a year to prevent immediate selling.

While the exact launch date is still unclear, Polymarket, a decentralized prediction platform, estimates a 71% chance that the token will be released this month, with over $18 million already wagered on its debut.

Ye’s cryptocurrency venture is emerging in a volatile environment, where celebrity-backed meme coins have already disrupted markets, raising concerns about their legitimacy and potential long-term impact.