Kanye is about to launch a cryptocurrency? Transitioning from web2 to web3

Author: Luke, Mars Finance

1. Character Collapse: The Magical Reversal from "Justice Refuses $2 Million" to "Keeping 70% of Tokens"

Two weeks ago, Kanye West was publicly sharing chat screenshots on social media, claiming that someone attempted to entice him to issue a "Rug Pull" Meme coin for a reward of $2 million. He firmly stated, "I am too rich to issue tokens; tokens are just a scam to exploit fans!" This statement not only attracted widespread attention in the crypto community but was also seen as a "benchmark for celebrity awakening."

However, a shocking reversal suddenly occurred. Today, CoinDesk reported that Kanye is quietly preparing to issue his personal token YZY, and the distribution plan is simply jaw-dropping: 70% of the tokens will belong to him personally, only 10% will be used for liquidity, and the remaining 20% will be allocated to investors. This stands in stark contrast to his previous "justice declaration," leading netizens to mockingly comment, "It turns out he didn't refuse to issue tokens; he just thought $2 million was too little since he wants to keep 70% for himself!" Even more lamentable is that Kanye's team claimed this move was to "avoid the risk of being banned by e-commerce platforms due to controversial remarks," attempting to package the token as a "brand savior," but the naked intent to profit is undeniable.

However, Kanye's current reputation in web2 is surprisingly poor, having sparked controversy multiple times due to his business actions and statements, with some criticizing him for "harvesting" fans:

• Yeezy series limited releases and hype: The Yeezy series, launched in collaboration with Adidas, is known for its limited releases and high pricing strategy. This marketing tactic has led to skyrocketing prices in the secondary market, with some shoes increasing to dozens of times their original price. This hype has raised consumer questions about his business ethics.
• Brand harvesting with ex-wife Kim Kardashian: The KKW Beauty brand, co-launched with his ex-wife Kim Kardashian, has raised consumer concerns about the quality and pricing of some products. Some argue that this high pricing strategy could be seen as "harvesting" fans.

2. Analyst Investigation: Is the YZY Token Already "Secretly Launched"?

Although Kanye's team has not officially announced the token issuance, detectives in the crypto space have already detected unusual signs from on-chain data. Notable analyst @xohryanx posted his analysis on platform X, pointing out that the token $YzY might be a "stealth launch" conducted by Kanye's team. However, after carefully comparing the token distribution plan with Kanye's previous public statements, the analyst believes that this token may not be issued by Kanye himself, at least not entirely in accordance with his previous anti-harvesting stance.

Abnormal market cap fluctuations: Two days after the $YzY token went live, its market cap remained between $600,000 and $1 million, which seems quite unusual in the current crypto market. Normally, Meme coins experience wild price fluctuations, but this token has maintained a relatively stable market cap range, leading analysts to believe this could be the result of artificial control. Notably, this token was actually deployed on February 18, and had already reached a market cap of $4 million twice before the news of Kanye's token issuance. As of today, the market cap peaked at $10.26 million, currently falling back to $2.44 million.

Kanye's "cold start" strategy: @xohryanx mentioned that Kanye has never liked to promote things loudly, especially not through collaborations with insiders or influencers to hype his projects. Kanye's "self-centered" working style likely means that only a few people are aware of this token's issuance. If information leaks, Kanye would likely cut off contact with these individuals immediately to avoid external hype influences. However, compared to Kanye's previous anti-harvesting stance, the $YzY token distribution plan seems inconsistent with his "justice declaration." According to disclosed information, 70% of the tokens will belong to the issuer, with the remaining portion held only by a few investors and liquidity providers, clearly contradicting Kanye's earlier stance of "avoiding harvesting." Analyzing this distribution plan suggests that the true operators behind the token may not be Kanye himself, but rather his team or other third parties.

Secretive holding structure: Analysis shows that the top ten holders of the $YzY token only account for 16% of the total issuance, with the largest holding being 1%. The asset situation of these holders indicates that they have already gained considerable profits from the token's rise, yet they have chosen not to sell. This further proves the token's controlled characteristics, with no obvious signs of machine trading.

Timing and utility: Kanye's Yeezy brand is set to relaunch on February 24, precisely one week after the token's launch. This coincidental timing raises speculation that Kanye may be providing a "payment scenario" for the token to increase its practical application value, undoubtedly injecting potential utility into the token.

Impact of Super Bowl ads and social media: @xohryanx believes that Kanye's Super Bowl ads and tweets on social media seem to have failed to garner sufficient attention, which may have prompted him to choose to issue a Meme coin to attract more eyes and achieve self-promotion. If Kanye does release a token, it will undoubtedly attract widespread attention.

In summary, @xohryanx believes Kanye will adopt an unconventional approach to issue the $YzY token, namely through a "cold start" to accumulate chips, maintain a certain market stability, and use "mystique" to stimulate market hype. Although this strategy has significant potential, the token distribution revealed in the leaks does not align with this, suggesting that the true issuer of the token may not be Kanye himself. Investors should make cautious decisions and only invest what they can afford to lose.

3. Community Outrage: "Hypocritical Merchant" Under Siege, Are Celebrity Coins More Detestable than VC Coins?

After the news broke, the crypto community was in an uproar, with netizens expressing their outrage at Kanye's actions, labeling him as "extremely hypocritical." Previously, Kanye had firmly rejected a $2 million token issuance collaboration, claiming he despised exploiting fans for tokens, which earned him considerable applause. But shortly after, he announced the launch of his exclusive Meme coin YZY, with 70% of the tokens going to himself. This reversal shocked many, as netizens remarked, "Kanye has figured it out; rather than letting others harvest his fans, why not just do it himself? The last refusal wasn't out of righteousness; it was purely because he thought the earnings were too low!" Such a shift has led many to believe that everything Kanye does is not out of ideals or principles, but rather naked economic motives.

In this incident, the focus of discussion centers on the essential differences between celebrity coins and VC coins. Although both are highly controlled and have low circulation, the community's reactions to them are starkly different. Compared to VC coins (venture capital coins) that harvest the market through high valuations and low liquidity, celebrity coins appear more direct and malicious—they exploit fans' trust to achieve their economic benefits through "harvesting." According to poll results, 72.8% of netizens indicated they dislike celebrity coins more, exposing a profound aversion to celebrity coins within the crypto community.

In this comparison between celebrity coins and VC coins, many believe that while VC coins carry risks of manipulation and overvaluation, at least investors can still "farm" (earn short-term profits). However, celebrity coins are entirely different; fans ultimately only get "harvested" with no real returns. One netizen bluntly commented, "Fool, this person is harvesting from web2 to web3? The obvious trend now is that VC coins are about to launch, while celebrity coins will quiet down for a while. With VC coins, you can at least farm; with celebrity coins, he just farms you."

This outburst of sentiment reflects the crypto market's deep disdain for the star effect and speculative behavior. When celebrities view fan support as a business opportunity rather than trust, such commercial operations clearly violate the public's bottom line.

Conclusion

Regardless of whether CoinDesk's report is accurate, the community has shown strong aversion to celebrities issuing Meme coins and exploiting Web3 to harvest fans. Investors need to remain vigilant and avoid blindly following trends. For the Web3 world, rational thinking and a deep understanding of the project's essence remain the best strategies to avoid being "harvested."