This development comes after a sequence of erratic posts by West, including some hinting at his newly found fascination with digital currencies. In one of his posts, West queried, “WHEN PEOPLE MAKE ALL THAT MONEY WITH A COIN IS THAT CASH OR CONCEPT.”

The rapper’s controversial social media activity, which also included certain distasteful remarks, did not deter cryptocurrency enthusiasts and firms from encouraging him to “launch a coin.” Streamer Faze Banks even suggested that West is one of the few individuals who could successfully introduce a new coin.

West further revealed that he had turned down a $2 million offer to launch a token, which he saw as a potential scam against his community. He shared a screenshot of a direct message from an unidentified contact proposing the deal.

Following West’s posts, prediction market Polymarket reported a surge in the odds of West launching a token, increasing to 46%. The market has been tracking the likelihood of West introducing a memecoin, with the odds mostly remaining under 30%.

West wouldn’t be the first celebrity to venture into crypto. Recently, David Portnoy endorsed what he referred to as a “sh*tcoin” to his large social media following. It’s also worth noting that during the Biden administration, the Securities and Exchange Commission Enforcement Division pursued several celebrities for unpaid crypto endorsements, including West’s ex-wife Kim Kardashian for promoting Ethereum MAX.

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