According to recent data on the polymarket, there is an 18% chance that Kanye West will launch his own cryptocurrency by the end of this month. The survey was created that Kanye West launched his cryptocurrency after he published a message about the “ridge”, “When people earn all this money with a coin, is it cash or a concept?” This caused a lot of speculations about the potential entrance of West to Crypto -Mir.
Celebrity cryptocurrencies: growing trend
This is not the first time that the celebrity was associated with cryptocurrency. Back in 2014, someone created a digital currency called “Cooney” based on the West, but it was closed from legal issues. Since then, other celebrities launched their own cryptocurrencies with mixed results.
What if Kanye West launches cryptocurrency?
If the West launches its own cryptocurrency, this may affect the market for a short period of time. Cryptocurrency, supported by a celebrity, would attract significant attention of both fans and investors, increasing the market activity and volatility, but the success of the coin will depend on how well it corresponds to the West brand and what value it offers users.
In addition, if at all, WESST plans to launch a coin, he should have made sure that he follows all the necessary laws and rules in order to avoid legal problems, unlike Coinye, which encountered legal issues and had to be closed.
The community is responding
The response to the possibility of cryptocurrency Kanye West was mixed. Some of the community members expressed excitement, while others warn investors regarding the risk associated with digital assets supported by celebrities.
Also read: Ripple (XRP) increases by 5%, despite a decrease in unemployment level
