Kanye West Said Memecoins ‘Prey On Fans.’ Then He Apparently Launched One

Kanye West, the famous musician, has faced criticism for his involvement in a new cryptocurrency. West had previously criticized memecoins, stating that they "prey on fans." However, a new cryptocurrency, promoted through his X (formerly Twitter) account, experienced a rapid increase in value, only to crash shortly after, causing significant losses for most investors. The cryptocurrency, named DONDA after West's mother, saw its value surge by over 4,000% in a matter of hours. This meteoric rise was followed by a dramatic crash, leaving the majority of investors with substantial losses. The incident has raised concerns about the potential risks and lack of regulation in the cryptocurrency market, particularly when it involves high-profile figures promoting such speculative investments. The article highlights the need for caution and due diligence when it comes to investing in cryptocurrencies, especially those with questionable backing or promotions. It also underscores the potential for celebrity endorsements to sway investor decisions, sometimes with detrimental consequences.