Kanye West will launch his memecoin YZY next week

Kanye West announced on social media that he will launch his cryptocurrency, YZY, next week. He stated that any existing YZY coins are fake. The day before his announcement, the predicted likelihood of him launching a coin reached 83% on the prediction market Polymarket, with over $9.3 million in trading volume. West intends for YZY to be used for purchases on his Yeezy brand website. Prior to his announcement, several fake YZY tokens were launched on a platform called Pump.fun. One of these fake tokens reached a market capitalization of $15 million and $33 million in 24-hour trading volume. After West's announcement, the market capitalization of this fake token dropped to $648,000 and currently sits at $2.21 million. The platform on which the real YZY token will launch (Solana or Base) has not yet been confirmed.