According to online reports, rapper Kanye West denied launching cryptocurrency in a post on social media, saying that "tokens are just a means of hype to harvest fans." Previously, market expectations for its token issuance had been as high as 40%, but quickly dropped to 10% after its announcement. Several Kanye-related altcoins plunged, with one falling more than 65%, and the other falling 89%. Kanye revealed that he had turned down a $2 million token offering proposal and said he would only devote himself to what he was truly passionate about and understood. After his speech, he also suspected of seeking to communicate with Coinbase CEO Brian Armstrong.