- Iggy Azaela’s new meme coin project, Mother Iggy, has rocketed up nearly 5,000% in the past seven days.
- The project, which has little utility, is growing on the back of a targeted promotional effort from Iggy via social media.
- MOTHER’s success and its pathway there has been criticised by industry figureheads like Vitalik Buterin and Hayden Adams.
A hallmark of the crypto market running hot is celebrity endorsements. In the post-covid bull run, big names from around the world were throwing their names into the pro-crypto camp – think Snoop Dogg’s metaverse house, or Larry David’s unfortunate FTX commercial. Although Bitcoin’s 2024 run to a new all-time high hasn’t attracted the same level of celebrity fanfare, residual support from previous years is returning to news cycles. The overwhelming success of musician Iggy Azalea’s new meme token MOTHER might be the first sign of the average investor’s return to crypto – but is it a good thing for the market?
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Thousands of Twitter Posts and Pictures of Rear-Ends: How MOTHER Became a Sensation
Azaela’s Solana-based meme coin, like many others in its genre, doesn’t really do a whole lot. It provides no voting power, has no financial implications and bears no relevance to her music. But that hasn’t stopped her Mother Iggy token from flying to the moon.
The coin has gained an absurd 5,000% in the past week of trading, with MOTHER now trading for US $0.21 (AU $0.31).
Why?
The benefits of being a popstar are likely behind MOTHER’s bull run, with Azaela leveraging her millions of fans to – let’s be honest – make a quick buck. Her Twitter feed is chock-full of posts promoting the coin, with the project’s mascot (a revealing image of Iggy’s rear-end) is clearly intended to provoke attention.
Meme coins going “brrrr” often signals positive sentiment among the crypto industry, which can be a good sign for investors. However in this instance, experts aren’t as convinced.
Especially when someone famous is involved, newer investors can see the incredible short-term performance of meme coins like MOTHER and get sucked into bad financial decisions. Gains like Mother Iggy’s are typically unsustainable, especially considering the project boasts little inherent function or benefit to the industry. Ultimately, tokens being driven by nothing more than hype can devalue legitimate projects in the eyes of the broader public.
Ethereum co-founder and crypto genius Vitalik Buterin wasn’t particularly impressed with Iggy’s project.
However, Iggy was as combative as ever in response to Buterin’s criticisms.
Musician Iggy Azalea is no stranger to controversy,
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