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The world of meme coins is set to become even more complex and controversial as Ye, also known as Kanye West, has announced plans to introduce an anti-Semitic meme coin. This initiative is expected to be followed by the development of a dedicated blockchain.
This controversy began when Ye announced his plans to launch “SWASTICOIN” on a decentralized exchange (DEX). He made a public request for the contact information of Binance CEO CZ, who responded directly to him through direct messaging.
Ye’s recent activity on social media includes following only CZ and another user known as @tall_data, raising eyebrows about his intentions. This limited following might suggest a focused approach to networking within the cryptocurrency space.
Kanye West is dropping a meme coin next week.
Apparently, Libra and presidential coins like Trump and Melania weren’t chaotic enough.😒 pic.twitter.com/VF4rxCcjN9
— Ted (@TedPillows) February 22, 2025
The announcement sparked an immediate wave of counterfeit meme coins, falsely claiming to be associated with Ye. In response, Ye clarified his intent to officially launch SWASTICOIN in the upcoming week.
Additionally, Ye appears to be contemplating the establishment of a proprietary blockchain to support his meme coin. However, it remains uncertain whether this is a sincere venture or a strategy to generate social media engagement.
This news arrives amidst a troubling trend of rug pulls in the meme coin sector, where developers abandon their projects after exploiting market interest, leading to significant financial losses for investors. The Solana blockchain, a hub for meme coin activity, has recently experienced negative capital inflows as a result of these incidents.
Among the most egregious cases was the LIBRA coin, which, backed by Argentinian President Javier Milei, resulted in a staggering $99 million rug pull by its developers. Given these issues, it is possible that Ye is considering Binance’s blockchain for the launch of his coin as a safer alternative. Anticipation is high for whatever unfolds in the coming week.
