The perceived odds of Ye, the rapper previously generally known as Kanye West, launching a token have plummeted after he posted on social media that he’s “not doing a coin” in a put up the place he added that “cash prey on the followers with hype.”

That put up noticed the perceived odds of Kanye launching a token this month, which at one level reached 40% on the favored prediction market Polymarket, plunge to round 10% as merchants reacted to it.

Varied memecoins, referred to as “Ye,” have popped up because the rapper began the dialog about crypto on social media, in anticipation that the rapper goes to launch a token. Nevertheless, after the denial, these have seen their worth plunge. One of many tokens has misplaced greater than 65% of its worth because the rapper’s put up, whereas a second one is down 89%, based on Dexscreener information.

Ye’s put up, through which he stated he solely does issues he’s “passionate and educated about” whereas being “too wealthy to do anything,” got here after a earlier one through which the rapper stated he turned down a $2 million provide to launch his personal token. After his posts, the rapper appeared to wish to get in contact with Coinbase’s CEO, Brian Armstrong, in a cryptic put up.
Learn extra: JPMorgan Closed Kanye’s Account. Sure, There’s a Crypto Angle