After launching with a market value of less than 50,000, the market value soared to 16.6 million yen.
There were accusations of insider trading, but 240 million mother tokens had already been burned.
It's 2021, and now celebrities are flocking to the #cryptocurrency market. But this time, "NFT" isn't the main highlight. Instead, celebrities are launching tokens, especially memcoins named after them.
The latest such person was Iggy Azalea, who launched her #token under the ticker "Mother. " According to DEXSceener, within hours of launching, the mother token skyrocketed in value 230 times.
The token became the second celebrity-linked cryptocurrency in #Solana [SOL], following Caitlyn Jenner's first move. The parent cryptocurrency had a market value of 1,660 million yen at the time this article was published.
The latest price is 0.016, representing an 81.34% increase in the last 24 hours. However, AMBCrypto noticed that both JENNER and MOTHER have one thing in common - they were launched by the same "marketer".
According to our investigation, one Sahil Arora was responsible for the launch. Both Iggy Azalea and Caitlyn Jenner have not refuted these claims.
However, both memcoins had one thing in common: conflict. 1 For example, when Jenner's project was launched, an American media personality accused Arora of trying to "fool" her and the community.
The situation was similar to that of the Australian rapper Azalea. However, the strategy seems to have been planned in such a way that the token attracted a lot of attention and people started buying it. \n While the parent token has benefited many holders, there have been accusations of insider trading. Leading the charge was blockchain data visualizer Bubblemaps.
For context: Insider activity occurs when a person with non-public knowledge of a project uses the information to their advantage.
This most often occurs at the expense of the trader.
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