The percentages of Kanye West launching a token by the top of February immediately spiked to 83% as rumors circulated of a brand new YZY ticker within the making. Prior to now few days, the chances of a launch expanded extra slowly to about 45%.
On Polymarket, the chances of a brand new Kanye West meme token immediately spiked to 83% following rumors of an upcoming launch. Later, the chances decreased to 80%, whereas the market retained volumes above $9.3M.
The prediction market spiked inside minutes, later retreating to 61% for ‘Sure’ tokens. | Supply: Polymarket
The market decision was not imminent, because the launch date remained unsure, with every week to go till the top of the month. Nevertheless, the chances gained extra exercise, fluctuating by 5% with extra bets. The market just isn’t but proposing ‘Sure’ as a decision, as merchants debate the authenticity of claims, in addition to the precise timeline of launching the YZY token.
Betting market in battle for attainable insider data
The betting market dialogue targeted on the Coindesk article, which cited an unknown supply. A few of the merchants commented on potential insider data, as one account bought all ‘No’ shares simply minutes earlier than the publication.
There are additionally rumors of getting a pretend electronic mail to sway the market and profit from buying and selling ‘Sure’ and ‘No’ tokens even with out a decision.
In response to others, the unique electronic mail got here from Hussein Lalani by means of a yeezy.com electronic mail handle. The message was despatched to CoinDesk with no solicitation, and the publication launched it instantly, not honoring the required embargo. This led to a right away response within the betting market, although merchants nonetheless cited uncertainty. In response to CoinDesk, the doc was genuine.
Kanye West, who has been blocked from utilizing Shopify for his model, is switching to Yeezy.com. The positioning itself is inactive and doesn’t show any message of the token. Briefly, the positioning urged the launch would come someday on Friday.
The dearth of readability led to the speedy promoting of the now appreciating ‘Sure’ tokens. Holders of the ‘No’ place have additionally introduced their plans to carry and doubtlessly experience a restoration if the information proves false.
As of February 21, the largest holder of ‘Sure’ tokens is a consumer with the nickname bullishonsol, coinciding with the X deal with @bullishonsol, an NFT collector and high-risk meme investor. The entire place is for 296,528 shares. The highest ‘No’ place belongs to dealer aenews2, with 260,571 shares.
Paradoxically, after the announcement, most merchants began opening ‘No’ positions, suggesting the precise token might not materialize earlier than the top of February. Kanye West himself, although reinstated on X, has not talked about the token or the YZY ticker.
The market itself was an indicator of the token’s launch. Nevertheless, ‘Sure’ token holders had at the least half-hour to promote earlier than the value began backtracking. The binary tokens turned extra unstable, with ‘Sure’ tokens dropping once more to as little as 61%.
YZY ticker taken by Pump.enjoyable rug pulls
Since meme tokens are fully unregulated, Pump.enjoyable tokens tried to spoof the eventual launch of a brand new asset with the YZY ticker.
One lately launched YZY token went by means of a number of high-risk durations. The preliminary token dev carried out a rug pull quickly after the launch. After the preliminary sell-off, insiders sniped the token and carried out one other pump-and-dump. At present, YZY nonetheless trades with $277K in liquidity, remaining extremely dangerous for merchants who bounce onto the pattern with out checking.
The token’s CA can also be spreading on social media, with claims it was hidden within the code of the Yeezy.com web site. There isn’t any proof that the proposed CA, 4NBTf8PfLH4oLFnwf3knv46FY9i5oXjDxffCetXRpump, is the official asset, which can be used for on-line purchasing on the Yeezy.com web site.
Regardless of the rapper’s controversies, the crypto neighborhood stays skeptical about an official launch. The current occasions and social media hype, nevertheless, appear to be directed to the prevailing YZY ticker, which is actively spreading on X with the guarantees of an early entry.
The YZY token peaked at $0.009 and later misplaced greater than 80% of its worth to $0.002. The token itself didn’t set off the decision of the Polymarket guess.
The token’s CA was additionally making the rounds for days earlier than the Polymarket betting pair gained extra traction. Speak of one other YZY token arrived simply days after Kanye West acknowledged he refused a suggestion to launch a star token and rug-pulled his followers.
