Kanye Dives Into Blockchain With YZYCHAIN Plans While Pi Network’s Price Crashes

• Kanye West’s crypto plans spark debate as he eyes blockchain, but controversy over token control and past actions raises doubts.
• Pi Network’s Open Mainnet launch fueled a 45% surge, but a rapid 52% drop shows extreme volatility and market uncertainty.
• West’s erratic social media moves, from following CZ to dissing memecoins, leave analysts skeptical about his blockchain ambitions.

Kanye West is making waves in cryptocurrency and plans to launch his token next week. He dismissed all existing tokens claiming affiliation with him as fake. His involvement in blockchain has drawn mixed reactions, especially after he suggested a controversial name for a potential token. 

Furthermore, he briefly followed Binance co-founder CZ before shifting his attention to Polychain’s Olaf Carlson-Wee. Besides, sources confirmed that West would keep 70% of the token’s supply for himself, raising concerns over centralization.

Kanye Eyes Blockchain Despite Backlash

West is exploring multiple blockchains, including Ethereum, Solana, BNB Chain, and Hyperliquid. However, his interest in creating a new blockchain called “YZYCHAIN” has generated speculation. His leaked messages revealed discussions about forking Solana or Dogecoin, allowing users to mine tokens. However, his remarks about existing memecoins and his potential token name stirred controversy. His recent history of using Nazi imagery for profit has only added to the backlash.

Moreover, his engagement with CZ drew attention when he reshared CZ’s critique of decentralized exchanges. CZ acknowledged the interaction with a thinking emoji, highlighting Ye’s growing follower count. This erratic social media activity has left many questioning the legitimacy of his crypto aspirations. Consequently, industry analysts remain skeptical about his blockchain project, considering his past controversies.

Pi Network Open Mainnet Triggers Volatility

Meanwhile, Pi Network launched its Open Mainnet, enabling external transactions and expanding its real-world use. Additionally, it set the stage for potential exchange listings and decentralized app integrations.

Then the price of Pi was propelled 45% within one hour to the level of $2.10. Trading volumes jumped by above 1,700% in the wake of speculation rising on the charts. However, the rally soon came to an end. It plunged 52% down to $1.01. 

In doing so, its market capitalization shrunk to $7.02 billion and worries loomed large concerning price stability. Furthermore, analysts warned that future token releases could create additional selling pressure. If demand fails to keep up, further declines are likely.