Kanye West, the artist formerly known as Kanye West, has made it clear that he is not planning to launch a cryptocurrency token. He has voiced concerns over the way cryptocurrencies often take advantage of fans through overwhelming excitement and hype. In light of his statements, the odds of him releasing a token have plummeted on the well-known betting platform Polymarket, dropping from around 40% all the way down to just 10%.
Impact on Memecoins
Following West’s remarks, a number of memecoins that were thought to be potentially associated with his proposed token have seen their values plummet. One such token reportedly lost over 65% of its value, and another has nearly collapsed, suffering a steep decline of almost 89% since he spoke out.
West’s Business Approach
West’s choice not to enter the cryptocurrency space is underscored by his previous decision to turn down a lucrative $2 million offer to create a token. He prefers to participate only in ventures that truly resonate with his personal interests and professional expertise, demonstrating a deliberate approach to his business endeavors.
Source: Coindesk
