Simply put
- The artist formerly known as Kanye West officially launched a memecoin on Tuesday, suggesting that some investors might have been misled by musicians who faced setbacks.
- Yeezy Coin and Swasticoin, introduced roughly six months ago, had participants believing they were part of a performance art project or alternate reality game.
- Now, investors are viewing these increasingly devalued coins as being associated with communities promoting anti-Semitic ideologies.
The meme coin, created to integrate into a community associated with YE, previously known as Kanye West, took a nosedive after the artist unveiled the Official Solana Coin on Wednesday.
YE, as he’s now called, had been toying with the concept for several months. His engagement with alternative reality games seemed to inspire this venture.
However, followers of Yeezy Coin and Swasticoin found their expectations dashed with the recent debut of Ye’s Yzy Money.
On Tuesday, both coins experienced significant hype as rumors spread that Ye was set to release his official memecoin. It was clear that the previous tokens didn’t fit into his future plans. Subsequently, Yeezy Coin declined by 88% from its peak on Tuesday, while Swasticoin dropped nearly 78% from its high on Wednesday, as reported by Dex Screener.
“Is Yo WTF continuing? Are we still alive?” wondered one member of the 4NBT Yeezy Coin Telegram Group (Yeezy Coin is often referred to as “4NBT”).
“They harvested us emotionally for six months. Goodbye,” another user chimed in after the announcement of Ye’s official contract address.
The 4NBT community had scrutinized Ye’s social media activities for months, convinced that the artist was subtly endorsing their token. The creator of the Pump.Fun token, who goes by “Jewmoney,” frequently updated his bio as if it were a puzzle to solve.
The community surrounding 4NBT has become known for spreading anti-Semitic and Nazi-related content, with some proponents downplaying the sensitivities tied to Nazi symbolism and Holocaust denial.
Some members of the 4NBT group argued that their purpose was to critique “those who control the media,” which historically has often fallen on Jews, furthering a narrative around discrimination and violence.
In reaction to Ye’s official token launch, a moderator in the 4NBT Telegram stated, “I swear to God I will become a real Nazi,” with another adding, “I’m planning the next Holocaust right now.”
Within the two communities, certain individuals surfaced as leaders, suggesting the memecoin had legitimacy. Some were convinced they had a direct connection to Ye, calling themselves “insiders.”
“WTF Kanyew lied,” voiced an irate 4NBT buyer on Telegram. “Six months have you found a scammed lol,” replied another user.
The main narrative among the 4NBT followers suggested that Swastistine was a piece of art meant to expose greed, with an ironic twist revealing 4NBT as an actual token.
Despite Ye posting the contract address for another coin and promoting it, the market capitalization of this new token stands at $3.18 billion, and several within the community remain convinced it’s all part of an intricate game.
“It could be the depth of his mouth,” speculated a 4NBT owner regarding Ye’s promotional video. “I’ll buy another 4NBT,” another added, while another voice in the group questioned their current situation.
One sentiment expressed in the community was centered on the Official Yzy Token Website, which claims to have launched 25 tokens, leaving members to wonder if a decline in numbers was merely another plot twist from this so-called false prophet.
“Am I the only one who feels this isn’t as bad as it looks?” asked a user in the Telegram group. “Yeah, you’re the only one,” someone quickly fired back.
“I’m not sure. It’s just you posted something. Is it an official coin or another wrong direction? I just woke up,” wrote one hesitant user. “The wrong direction,” came the swift reply, combined with theories about the 25 token saga.
Currently, 4NBT has plummeted over 94% from its highest market cap of $33.18 million to around $1.9 million. Swasticoin has similarly dropped more than 99% from its $180 million peak to just $1.1 million.
On Thursday, there was a session on X space called a “resurrection,” filled with 4NBT members who have yet to abandon ship. It lasted over nine hours, but the last three hours were notably quiet.
