Before it was TRUMP coin, followed by Melania coin, and others followed suit - celebrities from entertainment and many more. But the real question is, are they helping people to make money indirectly or are they just collecting money from them, because I believe they have enough already?
This discussion came into light because of the recent coin that is going viral, created by the popular American rapper and entrepreneur, Kanye West, called $YZY. I thought it was a joke until I went to research it and saw that it was designed to serve as the official currency for the Yeezy brand, primarily for payments on the Yeezy website.
Since it was listed on tier-1 exchanges like Bitget, appeared on Binance website news as a potential, and Krakent rumors. Do you think because of the purpose of creating the coin, it can become something big in the nearest future?
I think most of these celebrity coins fall into the hype/meme category rather than having true long term fundamentals i mean the coin popularity just follow the name!! as long as the celebrity stays popular then the coin will have some value thats mostly after the initial rug pulling during the launching phase... Like overtime we have seen the same cycle before with Trump coin as soon as he came into office then boom the coin did some price pumping but look at it now!! it can't even pump above $9 with the selective bullrun that is currently going on same thing goes with the Melania coin and even other entertainment based tokens they will just pump hard because of some small attention and then gradually fade when the hype dies...
But who knows maybe the Kanye’s YZY Coin might be a little different since its tied to the Yeezy brand and supposedly aimed at payments on the Yeezy site that's more like a utility-backed coin if one is to say... maybe If it gets adopted in his ecosystem i believe that gives it more utility than the average celebrity token we have withness before... But the main question is whether people will really use it to buy products or will it just become another trading token people speculate on as usual because Kanye's reputation has really tanked in the celebrity landscape... The exchanges listing might just add some pinch of salty legitimacy to it but traditionally we have also seen plenty of projects with big listings that didn’t survive long term growth....