In the crypto-verse, the line between humor and harmful stereotype is becoming increasingly blurred. The latest controversy involves tens of thousands of crypto enthusiasts, also known as ‘crypto degens,’ rallying behind the musician Ye, formerly known as Kanye West, in anticipation of his announcement of an official token. Notably, most are hoping for an existing Solana meme coin to be christened as the official Ye token. However, these communities are drawing criticism for fostering an environment of antisemitism and Nazi ideologies, reflecting the artist’s own comments in recent years.
When accusations of antisemitism are made against these meme coin communities, they are either dismissed as mere jokes or defended on the grounds of artistic merit. Yet, evidence of Nazi sympathizing, Holocaust denial, and harmful stereotyping is prevalent, causing experts to warn of the potential for radicalization through memes.
Ye has been hinting at releasing a meme coin for some time, even meeting with crypto influencer Ansem and purportedly texting Coinbase CEO Brian Armstrong. However, no official coin has been launched to date, leading to a wave of unofficial Ye-themed meme coins.
Among them, Swasticoin (YZY)—a coin featuring a logo that combines the swastika with Ye’s name—has managed to stick around. Despite its market cap collapsing from $181 million to under $4.5 million, the coin has over 14,600 wallets holding the token, indicating a strong community belief in its legitimacy.
However, the crypto community’s endorsement of such coins is a cause for concern. Elie K., a spokesperson for the advocacy group Campaign Against Antisemitism, argues, “By putting your money into it, you are endorsing the message.”
Some traders argue that the message behind Swasticoin and Ye’s broader meme coin movement has merit. Pseudonymous trader Hoodrich explained that Ye’s intention is to shift the negative perception associated with the swastika, a symbol that originally symbolized peace in Buddhism and Hinduism. However, experts like Dr. Heidi Beirich, co-founder of the Global Project Against Hate and Extremism, vehemently disagree. She argues that Ye is spreading the symbol, not destigmatizing it.
What is concerning is that Nazi ideology appears to have entered mainstream crypto discourse. Pseudonymous traders and crypto enthusiasts have been seen supporting these meme coins, spreading hateful messages and echoing harmful stereotypes.
Meanwhile, another Ye-themed coin, Yeezy Coin (YzY), claims to be focused on the coin’s authenticity as Ye’s true project. However, the token’s deployer has also launched other tokens with overt antisemitic themes, causing further controversy.
Despite the anonymity provided by the digital space, experts warn against dismissing such rhetoric as harmless jokes. They caution that such memes can act as a gateway to far-right ideologies, leading to a shift in the political Overton window and making fringe beliefs appear more mainstream.
As the controversy unfolds, it is clear that the potential for radicalization through memes cannot be underestimated. The crypto community must tread carefully, ensuring that the pursuit of profit does not come at the cost of endorsing harmful ideologies.
