Kanye West, now known as Ye, has made waves in the cryptocurrency world, but not for reasons fans or speculators might have hoped. In a recent social media post, Ye firmly denied any intentions of launching a cryptocurrency, criticizing such projects for “exploiting fans with hype.” His statement sent shockwaves through the altcoin market, causing a significant drop in the value of tokens tied to rumors of his involvement.

According to CoinDesk, the probability of Ye launching a token, as speculated by traders on the Polymarket prediction platform, dropped from 40% to just 10% following his announcement. Speculation had fueled the creation of several meme coins named after Ye, but these tokens experienced dramatic losses. Data from Dexscreener shows one token losing over 65% of its value and another plummeting by a staggering 89%.

The social media post also revealed that Ye had allegedly turned down a $2 million offer to launch a token under his name. “I only get involved in projects I’m passionate about and truly understand,” Ye stated. “I’m too rich to play these hype games.”

Interestingly, Ye’s post included a cryptic mention of wanting to connect with Coinbase CEO Brian Armstrong, sparking curiosity about his future plans in the financial or tech space.

Ye’s rejection highlights the volatile nature of cryptocurrency markets and the influence of celebrity rumors. While some projects capitalize on hype, Ye’s firm stance underscores the importance of integrity and transparency in an industry often criticized for speculation and manipulation.