Iggy Azalea's MOTHER token, built on the Solana blockchain, experienced a surge in value following its integration with the Mad Lads NFT collection. Initially reaching a high of $0.08952 and a market cap of $88.7 million, the token's price saw a significant increase. Despite a subsequent drop in price on June 2, it rebounded the next day, nearing its previous peak. Currently, MOTHER's price stands above $0.07369, marking a 24-hour increase of 56.10% and a market cap exceeding $72 million.

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📈 Iggy Azalea's #MOTHER memecoin surged by 30% following the announcement of its new utility.
The #memecoin can now be used to purchase smartphones and mobile subscriptions as #iggyazalea relaunches her telecommunications company.

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Celebrities Entangled in Memecoin Scandals as Market Frenzy Escalates
#memecoin #Celebrities #JENNER #MOTHER #iggyazalea

Trump isn't the only celebrity caught up in memecoin fever. Several celebrities have accused Sahil Arora of orchestrating pump-and-dump schemes involving their names. Caitlyn Jenner, for instance, accused Arora of scamming her with the token JENNER, which surged to a $43 million market cap before plummeting to $5.6 million.

Similarly, musicians Rich the Kid and Iggy Azalea have denounced Arora. Azalea, in response to the scam involving the token IGGY, launched her own token, MOTHER, which now boasts a $98 million market cap compared to IGGY's $46,000.

Vitalik Buterin's Take
Arora was banned from X on June 4, but the controversy continues to draw attention. Chris Burniske of Place Holder VC remarked that if MOTHER achieves sustainable value, it could signify a new era of celebrity involvement in crypto. This drew a response from Ethereum creator Vitalik Buterin, who expressed concerns about the "celebrity experimentation" in the current cycle. He emphasized the importance of financialization serving a worthwhile end, such as healthcare or art.

Proliferation of Memecoins
Despite the criticisms, memecoins are proliferating at staggering rates. Data from The Block shows nearly half a million tokens were launched on Solana in the past month, far surpassing other chains. Coinbase's Layer 2, Base, saw 144,000 tokens launched, while BNB Chain had 39,000.

The frenzy extends to discussions about regulatory oversight. SEC Chairman Gary Gensler, when asked by Jim Cramer about the possibility of a BONK ETF, emphasized the need for proper disclosures before any investment can be considered.