Ye (Kanye West) Follows Binance CEO CZ and Meme Coin Trader on X, Plans to Launch Controversial Anti-Semitic Meme Coin and Blockchain

This article does not constitute investment advice. The author does not hold any positions in the stocks mentioned.

The Emergence of Meme Coins: A Troubling Trend

The world of meme coins is poised for a new chapter, which could prove to be both bizarre and concerning. Recent statements from Ye, also known as Kanye West, indicate plans to introduce an anti-Semitic meme coin named “SWASTICOIN.”This initiative, expected to launch next week, may be accompanied by the development of a dedicated blockchain in the future.

Ye Pledges To Launch SWASTICOIN On A DEX

Details on the Launch

This narrative began recently when Ye announced his intention to launch SWASTICOIN on a decentralized exchange (DEX).Shortly after, he made a curious request on the platform X for the contact number of Binance’s CEO, CZ, who responded directly. Due to the inappropriate language used in his X post, we refrain from quoting it here.

Following this, Ye began to follow both CZ and another user known as @tall_data, marking them as his only connections on the platform.

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

Meme Coin Chaos: A Sea of Imitations

Following Ye’s announcement, numerous counterfeit meme coins have emerged, each claiming to be the legitimate version. Ye subsequently clarified that his genuine SWASTICOIN will indeed be launched within the week. There’s also speculation that he might initiate a blockchain specifically to support his meme coin ecosystem.

While it remains uncertain whether Ye’s actions are genuine or merely a stunt for attention, the implications for the meme coin landscape are significant.

The Unfolding Risks in the Meme Coin Space

This announcement coincides with a troubling trend in the meme coin sector, particularly related to “rug pulls.”This refers to the deceitful practice where developers take advantage of a meme coin’s popularity by abruptly selling off their holdings, leaving investors with diminished or worthless assets. The Solana blockchain, which has become a hotspot for meme coin launches, has suffered reputational damage due to these incidents, with recent data reflecting a noteworthy decline in capital inflow.

Among recent notable failures, the launch of the LIBRA coin, associated with Argentinian President Javier Milei, stands out, as its developers allegedly executed a $99 million exit scam. These controversies are likely influencing Ye’s consideration of leveraging the Binance blockchain for his own coin.

Regardless of the outcome, it’s clear that the upcoming week could bring significant developments in the meme coin arena, and the community will be watching closely.

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