In just 2 days, the Solana Meme Coin, created by Iggy Azalea, has surged by a staggering 1,875%.

Sun, 2/06/2024 – 12:48

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Iggy Azalea’s MOTHER token, a meme cryptocurrency on the Solana blockchain, has quickly gained popularity among the crypto community. Despite initial controversy, the token, launched just five days ago, has become a focal point for many involved in the market.

Although there was early enthusiasm, the release of MOTHER sparked conflict. It was reported that insiders acquired over 20% of the total supply, selling over $2 million worth of tokens. This led to allegations of insider trading and suspicions that Azalea had sold a significant amount of the token’s supply to early buyers.

Azalea made it clear to her subscribers and followers that she did not have any malicious intentions and instead wanted to show support for MOTHER’s value and the well-being of those who invested in the cryptocurrency. To back this up, she took steps such as hiring a development team, implementing a system for burning tokens, and personally engaging with the crypto community for several hours.

In the last two days starting on Friday, the value of MOTHER has increased by 1,875% from $0.004 to $0.075 per token. This has led to a peak market capitalization of $91.34 million for the meme cryptocurrency.

Moral of story

It is unknown if insiders were involved in initiating the launch of MOTHER and Azalea’s feelings towards it are still a mystery. However, recent activities indicate that the success of celebrity tokens may not be as hopeless as commonly thought.

It is important to exercise caution when dealing with newly established cryptocurrencies, avoiding the temptation to invest simply because a famous individual has introduced a new token. In many instances, the primary motivation is financial gain rather than promoting cultural advancement. It is wise to approach with caution and observe whether the token will endure or meet the same fate as countless others in the past.