Recent reports suggest that rapper and entrepreneur Kanye West, now known as Ye, may have sold his X (formerly Twitter) account to Barkmeta. The sale allegedly comes ahead of a planned crypto launch.

The project has raised concerns, with allegations that untrustworthy third-party groups with a track record of fraud are involved. Crypto influencers are raising red flags, warning that it could be a potential scam.

At the center of the controversy is Barkmeta. Barkmeta is a meme coin trader and Doginals figure who is said to have acquired Ye’s X account. Industry insiders have long accused Barkmeta of orchestrating fraudulent ventures.

On-chain analyst Blade pointed to a troubling track record of Barkmeta. 

“He has over 200k live audience and post crypto staff daily. What you don’t know is that he is also one of the biggest Twitter scammers,” the post read.

In 2022, Barkmeta allegedly masterminded the POX token rug pull. More recently, in 2023, Barkmeta collaborated with well-known crypto traders to launch the DeFiApes non-fungible token (NFT) collection. The project raked in over 22,000 Ethereum (ETH). 

It was valued at more than $40 million at the time. Nevertheless, the team reportedly abandoned it, triggering a price collapse that wiped out over 90% of investors’ funds.

Blade also drew attention to mounting evidence of his ties to Ye’s crypto venture. 

“Kanye West sold his X account for $17 MILLION. The most anticipated meme coin launch is Barkmeta’s RUGPULL,” he remarked.

Following Ye’s announcement of an upcoming token launch, Barkmeta hosted a Twitter Space to hype the project. He boldly proclaimed it to be “the biggest meme coin” and promised easy profits for all. 

Yet, as the discussion unfolded, Blade noted Barkmeta’s evasive responses to critical questions, describing him as tense and unconvincing. 

Adding to the suspicion, Ye’s official X account began following one of Barkmeta’s team members, known as Tall—a figure Blade alleges is an alternate Barkmeta account.

Another suspicious detail Blade highlighted was a dramatic shift in his writing style. His posts were exclusively about cryptocurrency, aggressively hyping up the meme coin launch.

“The chance of YE’s sold account is above 95%. I do not recommend you to buy Kanye’s meme coin in any case,” he concluded.

Further complicating matters, users have also alleged that Barkmeta controls the AB84 X account. On February 23, the account promoted a supposed “Yeezy Coin.” The token was quickly exposed as a scam after being rug pulled within hours.

“So the team that dropped a fake Ye scam coin yesterday is now part of the official coin. (FYI AB doesn’t even know what happened yesterday because he sold his account),” another user posted.

Nonetheless, Barkmeta poked fun at the situation.

“Kanye West 100% sold his account (to me) comparing his early tweets to his tweets now, completely different in almost every way (because it’s me) people don’t change that radically that quickly, regardless of personal situation (because I’m on it),” he posted.

The account also shared an image showing two phones. One allegedly was logged into Ye’s X account, and the other displayed his own. The post intensified speculation that Barkmeta had direct access to Ye’s social media.

In response, Ye denied any involvement. 

“This is not real. I don’t know this person,” he said

He acknowledged past betrayals but called his coin launch “next level.” 

“When I do launch my coin I will make it very clear and very official,” he added.

While the launch date has yet to be confirmed, a crypto user has reported that the official Ye meme coin, YZY, appears to have been deployed. 

According to the user, Yeezy customers received a message directing them to a website called BankofYZY. Yet, he cautioned against interacting with the link. 

“I’m not completely certain it’s not a leak from the Yeezy database, but the token does exist, although it is currently without liquidity,” he stated.

With mounting concerns over Barkmeta’s role and Ye’s sudden shift in online activity, the crypto community is bracing for what comes next.

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Ethereum price failed to clear the $3,000 resistance zone. ETH is consolidating near $2,750 and might aim for a fresh increase.

• Ethereum is still showing positive signs above the $2,680 zone.
• The price is trading above $2,750 and the 100-hourly Simple Moving Average.
• There is a short-term bullish trend line forming with support at $2,780 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent upward move if it settles above $2,850 and $2,880.

Ethereum Price Eyes Fresh Increase

Ethereum price remained supported above the $2,650 level and recently started a decent upward move, outperforming Bitcoin. ETH gained pace above the $2,750 and $2,850 resistance levels.

The price even spiked toward $3,000 before the bears appeared. There was no upside continuation and the price corrected gains. There was a move below the $2,850 support. The price traded below the 50% Fib retracement level of the upward move from the $2,616 swing low to the $3,021 high.

Ethereum price is now trading above $2,750 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support at $2,780 on the hourly chart of ETH/USD. It is close to the 61.8% Fib retracement level of the upward move from the $2,616 swing low to the $3,021 high.

On the upside, the price seems to be facing hurdles near the $2,820 level. The first major resistance is near the $2,850 level. The main resistance is now forming near $2,880 or $2,920.

A clear move above the $2,920 resistance might send the price toward the $3,000 resistance. An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,050 resistance zone or even $3,120 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start another decline. Initial support on the downside is near the $2,780 level. The first major support sits near the $2,720 zone.

A clear move below the $2,720 support might push the price toward the $2,650 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,720

Major Resistance Level – $2,850