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