According to U.Today, the MOTHER token, launched by renowned hip-hop artist Iggy Azalea, is quickly gaining popularity in the cryptocurrency community. Despite being launched just five days ago on the Solana blockchain, the meme cryptocurrency has already become a significant point of interest for crypto market participants. However, the launch was not without controversy, as reports suggested that over 20% of the total supply was bought by insiders, leading to allegations of insider trading. It was claimed that Azalea had sold a significant portion of the token's supply to early buyers, with over $2 million worth of tokens sold.
Azalea, however, reassured her followers that she had no intention of causing harm and was committed to supporting the value of MOTHER and the welfare of its buyers. She took several steps to address the concerns, including hiring a development team, setting up a token burning system, and spending hours interacting with the crypto community. As a result, the price of MOTHER has surged 1,875% from $0.004 to $0.075 per token in the past two days, and the market capitalization of the meme cryptocurrency has reached a peak of $91.34 million.
Despite the controversy surrounding the launch of MOTHER and Azalea's involvement, the recent developments suggest that the narrative of celebrity tokens may not be as bleak as often perceived. However, caution is advised when dealing with newly launched coins, especially those backed by celebrities. In most cases, these tokens are primarily launched for profit rather than cultural significance. It is recommended to observe if the token survives or fades away like many others before it.