At a Glance
- The artist formerly known as Kanye West, now Ye, introduced his own meme coin on Tuesday. This event triggered a sharp decline in value for other digital tokens previously thought by some investors to be affiliated with him.
- Around half a year ago, Yeezy Coin and Swasticoin emerged, with their respective communities speculating about their potential connection to a larger artistic endeavor or an interactive game experience orchestrated by Ye.
- These investors are confronting the stark reality of coins rapidly losing value, exacerbated by communities that have, in some instances, promoted antisemitic viewpoints.
After Ye, previously known as Kanye West, officially launched his own Solana-based cryptocurrency on Wednesday, meme coins that had leveraged perceived links to the artist have seen their values plummet.
For months, Ye’s engagement with the crypto world stirred considerable buzz, fostering the growth of two notable meme coin communities. These communities firmly believed they were participating in a sophisticated piece of performance art – or an interactive alternate reality game.
However, the launch of Ye’s YZY Money this week crushed the hopes of those holding Yeezy Coin and Swasticoin.
Rumors surrounding the impending release of Ye’s official meme coin fueled a surge in the value of both tokens on Tuesday. With Ye’s move apparently confirming that neither previous token was part of his plan,
Yeezy Coin’s value has dropped 88%
from its peak on Tuesday, while
Swasticoin has fallen nearly 78%
from its high point on Wednesday, according to DEX Screener data.
“Yo WTF is going on? Are we still alive?” one user in the 4NBT Yeezy Coin Telegram group questioned (Yeezy Coin is also known as “4NBT,” based on part of its contract address).
“They emotionally harvested us for six months. Bye,” another member commented, shortly after Ye shared the official YZY contract address.
For half a year, the 4NBT community has meticulously analyzed Ye’s activity on social media, convinced that the artist was subtly hinting at an imminent endorsement of their token. The Pump.fun token deployer, with the moniker “JewMoney,” would frequently modify its bio, prompting holders to interpret the messages as if they were coded scriptures.
Decrypt
reported in March
that these token communities had become hotbeds for antisemitism and the propagation of Nazi ideologies. Some Swasticoin supporters diminished the gravity of the Nazi swastika and engaged in
Holocaust denial
, along with the routine use of slurs and other harmful stereotypes.
Certain factions within the 4NBT community asserted that the project was a critique of “those controlling the media,” or those driven by a desire to dominate global wealth – age-old tropes employed to justify discrimination and violence against
Jewish people throughout history
.
Reacting to Ye’s official token launch, a
4NBT Telegram moderator
posted “I swear to god I’m turning into a real-life Nazi,”
four times
, before
adding
,
“I’m planning the next Holocaust right now.”
Within both communities, influential figures emerged, formulating theories that positioned their respective meme coins as the
true
token. Some purported to have direct ties to Ye’s inner circle or claimed to be “insiders.”
“WTF KanYew lied,” a disgruntled 4NBT investor posted on Telegram. “Six months to find out you got scammed lol,” another responded.
A prominent theory circulating within the 4NBT community was that Swasticoin was part of a larger artistic creation by Ye, designed to lure in those driven by greed, culminating in a false prophet twist where 4NBT would be revealed as the genuine token.
Therefore, despite Ye’s endorsement and posting of the contract address for a separate coin, along with its market capitalization soaring to
a peak of $3.18 billion
, some members of the community still insist it’s all part of an elaborate game.
“It could be a deepfake of his mouth saying that,” a 4NBT holder speculated regarding the Ye video. “Buy more 4NBT,” another added. “So are we getting airdropped or did we get rugged?” another desperate member asked.
One thread of hope that the community is clinging to is the statement on the
official YZY token website
that the team launched 25 tokens, with one being selected at random to be the legitimate one. Consequently, a shrinking minority still believe this launch is merely another twist within the false prophet narrative.
“Is it only me that feels this isn’t as bad as it looks?” a Telegram user inquired. “Yeah, only you,” another retorted.
“I don’t quite understand. What Ye posted—is that the official coin, or just another misdirection? I just woke up,” one user commented. “Misdirection,” came a swift reply, followed by an impassioned rant regarding the 25 token theory.
4NBT’s value has decreased by over 94% from its all-time high market cap of $33.18 million to $1.9 million. Swasticoin has plummeted by over 99% from its $180 million peak market cap down to a mere $1.1 million.
Earlier on Thursday, an
X Spaces
session titled “Resurrection” was filled with remaining 4NBT community members who are holding onto hope. It spanned more than nine hours, though it appeared to have been silent for the last three.
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