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This Is Why Iggy Azalea Meme Coin – MOTHER Is Up 30%
Australian rapper Iggy Azalea has revitalized her telecommunications company, Unreal Mobile. This move triggered a 30% surge in its meme coin, Mother Iggy (MOTHER).
This development comes as many industry leaders have strongly criticized celebrity meme coins.
How Iggy Azalea tries to bring a use case to her meme coin
Azalea announced that Unreal Mobile will accept meme currency – MOTHER AND Solana (SOL) for purchasing phones and monthly cellular plans. This update is supported by a Association with Sphere Labs, a payment infrastructure provider that will help incorporate crypto payments.
Unreal Mobile offers competitive plans ranging from $20 to $80 per month, depending on data usage and network choices. After Azalea’s announcement on X (formerly Twitter), MOTHER’s value increased by more than 30%.
To know more: 11 Best Solana Meme Coins to Watch in June 2024
However, Azalea’s new venture coincides with community skepticism. Some community members have scoffed at his efforts, comparing Unreal Mobile to established ones Solana Saga Mobile.
“Unreal Mobile is a service provider. Of course, we offer a selection of phones to purchase if necessary, but this is of a secondary nature. We love what Anatoly is developing and aim to eventually have it among our available phone options,” Azalea clarified.
Additionally, celebrity meme coins have also received widespread criticism from industry leaders. This is because they often lack substantial support and are criticized for their superficial nature. In particular, Ethereum co-founder Vitalik Buterin spoke out about his concerns.
Nonetheless, Azalea has distanced herself from controversies involving other celebrities and crypto ventures. He has strongly denied any association with Sahil Arora, who is accused of misleading investors.
Furthermore, Azalea has pledged to burn portions of its coin reserves in response to any “knockout” by celebrities recently entering the crypto space.
However, the project has faced challenges, including reports from blockchain analytics firm Bubblemaps. They noted significant privileged activity at the launch of MOTHERwith insiders capturing 20% of the supply ahead of the announcement and subsequently selling $2 million worth of tokens.
These developments have been closely monitored by on-chain investigators, highlighting the complexity of celebrity-led crypto ventures.
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