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Iggy Azalea’s Solana Meme Coin Soars 1,875% in 2 Days
Gamza Khanzadaev
Iggy Azalea’s Controversial MOTHER Token Becomes the Hottest Topic in Crypto, Skyrocketing Nearly 2,000% in Just Two Days
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Popular hip-hop artist’s MOTHER token Iggy Azalea is quickly 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 crypto market participants.
Despite the initial excitement, the release of MÃE 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 allegations that Azalea had transferred a substantial portion of the token’s supply. for first time buyers.
However, Azalea assured her subscribers and followers that she does not intend to cause any harm and, on the contrary, seeks to support both the value of MOTHER and the well-being of those who purchased 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: Trading View
As a result, in the last two days since Friday, the price of EMA rose 1,875%, from $0.004 to $0.075 per token, and the meme cryptocurrencythe company’s market capitalization peaked at $91.34 million.
Moral of the story
Whether insiders are truly behind the release of MOTHER and how Azalea feels about it remains a mystery. However, the latest moves suggest that perhaps the story of celebrity tokens is not as doomed as commonly believed.
Either way, one should be careful and not get involved with newly created coins just because a celebrity decided to launch a token. In most cases, it is still primarily about profit and not about culture. It’s best to be cautious 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 in finance and credit with a specialization in securities and financial derivatives. He also completed a master’s program in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.