Iggy Azalea’s meme cryptocurrency, MOTHER, continues to take the crypto world by storm, jumping 30% in value to hit $0.1 per token today. This epic surge has pushed MOTHER’s market capitalization to a whopping $100 million, just a week after it launched on the Solana blockchain.
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As a reminder, the launch of MOTHER faced some rough waters from the start. Soon after the launch, reports surfaced that insiders had purchased over 20% of the total supply, leading to the sale of more than $2 million worth of coins right from the start of trading. This stirred up accusations of insider trading and raised concerns that the artist might have unloaded a significant portion of the tokens on its followers.
🤷♀️ pic.twitter.com/ZjZz1sfFqb
— IGGY AZALEA (@IGGYAZALEA) June 4, 2024
In the face of these allegations, Azalea took action. She allegedly hired a development team, set up a token burning system to reduce supply and spent a lot of time interacting directly with the crypto community to address their concerns and build trust.
Source: DEX Screener
These efforts seem to have paid off, as investor confidence in MOTHER has surged along with its price. The token’s rapid rise indicates growing interest and positive attention among crypto enthusiasts, despite initial skepticism and controversy.
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But MOTHER’s story is also a reminder: be careful with new cryptocurrencies, especially those launched by celebrities. It is essential to do your homework and be cautious, as many of these tokens can be a short-lived scam.