Solana Meme Coin by Iggy Azalea Skyrockets 1,875% in 2 Days
The MOTHER token from popular hip-hop artist Iggy Azalea is rapidly gaining traction in the crypto community. Initially causing a lot of controversy, the meme cryptocurrency on the Solana blockchain was launched only five days ago, but has already become a focal point for crypto market participants.
Despite the initial excitement, the launch of MOTHER was marked by controversy. Reports indicated that more than 20% of the total supply was purchased by insiders, with over $2 million worth of tokens sold, leading to accusations of insider trading and claims that Azalea had offloaded a substantial portion of the token's supply on early buyers.
We found huge insider activity on $MOTHER 🚨
Insiders bought 20% of the supply at launch, before Iggy Azaela (@IGGYAZALEA) made the announcement, and already dumped $2M.
A thread 🧵 ↓ pic.twitter.com/tQFHt1yZfO— Bubblemaps (@bubblemaps) May 29, 2024
However, Azalea assured her subscribers and followers that she did not intend to cause any harm and, on the contrary, seeks to support both MOTHER's value and the well-being of those who bought the cryptocurrency. She then took action. Among other things, she hired a development team, established a token burning system and spent hours interacting directly with the crypto community.Source: TradingView
As a result, over the past two days since Friday, the price of MOTHER has risen 1,875% from $0.004 to $0.075 per token, and the meme cryptocurrency's market capitalization has peaked at $91.34 million.
Moral of story
Whether insiders are actually behind the launch of MOTHER and how Azalea feels about it remains a mystery. However, the latest actions suggest that perhaps the story of celebrity tokens is not as doomed as commonly believed.
In any case, one should be vigilant and not get involved with newly created coins just because a celebrity decided to launch a token. In most cases, it is still primarily for profit, not for the sake of culture. It is better to be cautious and see if the token survives or fades away like millions of others before it.