According to U.Today, Australian rapper Iggy Azalea has defended her meme coin, Mother Iggy (MOTHER), in a recent interview with Fortune. She insists that she is not a 'rug-puller' and is looking for potential use cases to make her cryptocurrency viable in the long term. Azalea plans to transform her meme coin into a stablecoin.
Azalea, who rose to fame in 2014 with her hit single 'Fancy', revealed that she had been observing the crypto market since 2020 before launching her own coin. She was compelled to act when a fraudster attempted to promote another meme coin by impersonating her.
The MOTHER meme coin, launched in late May, created a buzz due to its significant gains and Azalea's frequent social media posts. The market cap of the Solana-based MOTHER surged to nearly $250 million after a large number of tokens were purchased by a whale. However, like most meme coins, Iggy Azalea's token lacks any value proposition.
Despite the hype, the cryptocurrency has attracted many critics, including Ethereum co-founder Vitalik Buterin. Buterin criticized the new wave of celebrity meme coins for their lack of utility, which led to a quick response from Azalea in the form of a meme. Despite the criticism, Azalea remains undeterred, arguing that peace is not profitable for meme coins and telling her critics to step aside.