Kanye West quashes memecoin launch rumors, says coins 'prey on the fans'

Ye, the rapper and designer formerly known as Kanye West, said on X he has no plans to drop a memecoin after initially teasing the idea on Friday. 

"IM NOT DOING A COIN," Ye wrote on X Saturday, as part of a series of erratic social media posts the controversial star has published since Thursday night. "I ONLY DO THINGS I AM PASSIONATE AND KNOWLEDGEABLE ABOUT...COINS PREY ON THE FANS WITH HYPE."

Ye's explicit and often offensive recent posts occasionally referenced crypto; the rapper said he was offered $2 million to launch a memecoin and posted publicly that he was looking to get in touch with Coinbase CEO Brian Armstrong, The Block previously reported. 

"I also turned down a fake coin tweet," Ye wrote in another post. 

A Polymarket prediction market launched Thursday to speculate on the possibility of Ye launching a coin in February at one point gave the prospect a 40% chance before crashing to 13% following Ye's tweet. 

Ye's recent posts have been the subject of major controversy given their often offensive and shocking content. The star has praised Nazi imagery, attacked Jewish people, and published a variety of other obscene statements. Ye lost his longtime partnership with Adidas and was dropped by the Creative Artists Agency in 2022 over similar statements.