Memecoins
Iggy Azalea’s Solana Meme Coin Skyrockets 1.875% in 2 Days
Gamza Khanzadaev
Iggy Azalea’s Controversial MOTHER Token Becomes Hottest Topic in Crypto, Soaring Nearly 2,000% in Just Two Days
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The MOTHER token of a popular hip-hop artist Iggy Azalea is quickly gaining ground in the crypto community. Initially, causing much controversy, the even The cryptocurrency on the Solana blockchain was launched only five days ago, but has already become a focal point for crypto market participants.
Despite initial enthusiasm, MOTHER’s launch was marked by controversy. Reports indicated that more than 20% of the total supply was purchased by insiders, with more than $2 million worth of tokens sold, leading to accusations of insider trading and claims that Azalea had transferred a substantial portion of the token supply to early buyers.
However, Azalea assured her followers and followers that she did not intend to cause harm and instead sought to support both the value of MOTHER and the well-being of those who bought the cryptocurrency. She then took action. Among other things, she hired a development team, set up a token burning system, and spent hours interacting directly with the crypto community.
Source: Trading View
As a result, over the last two days since Friday, the price of MOTHER has increased by 1,875%, from $0.004 to $0.075 per token, and the meme cryptocurrencyThe market capitalization peaked at $91.34 million.
Moral of the story
Whether insiders are actually behind the launch of MOTHER and what Azalea thinks about it remains a mystery. However, the latest actions suggest that the celebrity token story may not be as doomed as commonly believed.
In any case, one must be vigilant and not get involved in newly created coins just because a celebrity decided to launch a token. In most cases, it is always for profit and not for the good of culture. It is better to be careful and see if the token survives or disappears like millions of others before it.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.