Imagine stepping into a world where the lines between fantasy and reality blur – a world where celebrity gossip and blockchain technology intertwine. But before your imagination runs wild, let’s set the record straight: the buzz around Kanye West launching a cryptocurrency project on the Cardano platform is nothing more than a rumor, quashed by Cardano founder Charles Hoskinson himself. In a recent video clip, Hoskinson vehemently denied these rumors, emphasizing the seriousness of the Cardano project.
Hoskinson Debunks Kanye West’s Involvement with Cardano
In his video, Hoskinson conveyed a simple message: Kanye West would not initiate any venture on Cardano’s blockchain. He referred to speculations about West’s involvement as unfounded, further remarking, “It appears he’s traded his Twitter account for $17 million to the Barkmeta group, potentially for a scam. But irrespective of whether this is true or not, such drama is unwelcome here.”
Commenting on the integrity of Cardano, Hoskinson asserted, “Cardano is a project of grave importance. It’s not an ideal launchpad for such affairs.” He thanked everyone for the drama, only to reiterate there’s no involvement of Kanye West in any Cardano project.
Conjectures Around Kanye West’s Crypto Involvement
The fuss started when various sources within Kanye West’s circle purported that the rapper planned to unveil a token named YZY, a reference to his Yeezy fashion brand. The claims also suggested that the majority (70%) of this token’s allocation would be for West himself, with the leftovers divided between liquidity provisioning (10%) and investors (20%).
The gossip hinted that West’s YZY token could offer an alternative to conventional payment and e-commerce platforms like Shopify, particularly since his ties with them have soured due to his recent offensive utterances. With Adidas and Balenciaga among the partners severing ties with him, West’s ventures in the crypto world are viewed by some as a potential backup plan.
The rumor mill grinded further with the tale of West trading his personal Twitter account for $17 million to a group known for meme coins, the @barkmeta group. This sale was allegedly for executing a widespread scam. Crypto influencer Loki The Bird added fuel to the fire, tweeting that West had sold his account to the “BarkMeta Doginals” for a whopping $17 million, in preparation to defraud the crypto community.
Despite circulating images showing two phones logged into both @barkmeta and @kanyewest simultaneously, West quickly denied any association with the group or any account sale, labeling the claims as fake.
The Final Verdict
Hoskinson’s definitive rebuttal of any official link with Kanye West underscores Cardano’s dedication to preserving its “serious project” status. Although the open-source nature of blockchain technology doesn’t necessarily require permission to develop on Cardano, Hoskinson quashed any hope of collaboration by stating, “He (West) wants money and support to launch it. No one serious about Cardano will entertain this,” thereby shutting down any potential partnership.
As of now, the ADA is trading at $0.74, showing a downward trend below the 0.236 Fibonacci level in a one-week chart.
FAQs
Did Kanye West launch a project on Cardano?
No, this was a rumor that Cardano’s founder Charles Hoskinson dismissed as untrue. Cardano has no official affiliation with Kanye West.
Is ADA currently in a downward trading trend?
Yes, ADA, the native cryptocurrency of Cardano, is following a downward trend below the 0.236 Fibonacci level in a one-week chart.
What was the speculation about Kanye West’s token YZY?
Rumor had it that West planned to release a token named YZY, with 70% allocation for him, 10% towards liquidity provisioning, and 20% for investors. This was speculated to serve as an alternative to mainstream payment platforms, especially after his fallout with partners like Shopify, Adidas, and Balenciaga.
Did Kanye West sell his Twitter account for a scam?
There were rumors that West sold his Twitter account to a memecoin group named @barkmeta for $17 million, speculated for conducting a scam. However, West has denied any such transaction or association.
