Update:
It looks like Ye had sold his X account to a fraudulent company for perpetrating a crypto rug pull, but then got cold feet for getting excoriated, destroying any marginal worth that his brand is still worth. The X posts on the launch of a meme coin have now been deleted.
The already-bizarro world of meme coins is about to get a lot weirder - and much more toxic - should Ye (Kanye West) go through with his online pledge to launch an anti-Semitic meme coin next week, to be presumably complemented by a dedicated blockchain later on.
This saga began a short while back when Ye pledged to launch his "SWASTICOIN" on a decentralized exchange (DEX).
He then publicly asked on X for the phone number of Binance's CZ, who promptly replied in his DM. We have chosen not to highlight the X post in question due to its extremely denigrating language towards a large subset of minorities and racial identities.
What's more, Ye now follows CZ and @tall_data on X, who happen to be his sole follows 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
Predictably, Ye's announcement immediately precipitated the launch of a number of fake meme coins purporting to be the real deal. Ye then clarified that his SWASTICOIN will launch in the coming week.
Finally, it seems Ye is also mulling the launch of a dedicated blockchain to complement his meme coin ecosystem.
Of course, it remains to be seen if Ye is simply trolling and indulging in engagement farming, or does actually end up launching his own meme coin next week.
Meanwhile, this development comes as a slew of meme coin rug pulls - where a developer exploits a meme coin's popularity by abruptly dumping his coin holdings on unsuspecting buyers, leaving them with worthless assets - has severely bruised the reputation of the Solana blockchain, the predominant home of the vast majority of meme coin launches over the past few months. As an illustration, the capital inflow into the Solana ecosystem has now turned negative on a monthly basis.
No meme coin launch, however, tarnished Solana as severely as the launch of the LIBRA coin, which was endorsed by the Argentinian President Javier Milei but whose developers made off with a $99 million rug pull. Perhaps, it is because of these relentless setbacks that Ye is now setting his sights on the Binance blockchain for the possible launch of his meme coin. Either way, our readers can expect massive fireworks come next week.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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