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Iggy Azalea’s Solana Meme Coin Skyrockets 1,875% in 2 Days
Gamza Khanzadaev
Iggy Azalea’s Controversial MOTHER Token Becomes the Hottest Topic in the Crypto World, Skyrocketing Nearly 2,000% in Just Two Days
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The MOTHER token of the famous hip-hop artist Iggy Azalea is rapidly gaining traction in the crypto community. Initially causing much controversy, the memes The cryptocurrency on the Solana blockchain was launched just five days ago, but it has already become a focal point for cryptocurrency market participants.
Despite the initial excitement, MOTHER’s launch was marred by controversy. Reports indicated that more than 20% of the total supply was purchased by insiders, with tokens worth more than $2 million sold, leading to accusations of insider trading and claims that Azalea had dumped a substantial portion of the supply of tokens on first-time buyers.
However, Azalea assured her subscribers and followers that she does not intend to cause any harm and, instead, seeks to support both the value of MOTHER and the well-being of those who purchased the cryptocurrency. She then sprung into action. Among other things, she hired a development team, created a token burning system, and spent hours interacting directly with the crypto community.
Source: TradingView
As a result, in the last two days since Friday, the price of MOTHER increased by 1.875% from $0.004 to $0.075 per token, and the cryptocurrency memeThe market capitalization of peaked at $91.34 million.
Moral of the story
Whether there are actually insiders behind the launch of MOTHER and what Azalea thinks about it remains a mystery. However, the latest actions suggest that perhaps the history of celebrity tokens is not as doomed as is commonly believed.
In any case, you need to be vigilant and not get caught up in newly created coins just because a celebrity decided to launch a token. In most cases, the main purpose is still profit, not the good of culture. It’s best to be cautious and see if the token survives or fades away like millions of others before it.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.