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Iggy Azalea’s Self-Launched MOTHER Memecoin Outperforms Controversial IGGY Token

May 29, 2024 at 03:29

Australian artist Iggy Azalea has successfully launched her own memecoin, MOTHER, which quickly achieved a market capitalization exceeding $28 million as of May 29, overshadowing another token named IGGY that is mired in scandal.

Iggy Azalea distanced herself for a second day from Sahil Arora, the promoter behind the IGGY token, after Arora shared a screenshot on Telegram that purportedly depicted a text message exchange discussing a promotional campaign for his token. Azalea refuted these claims on X, stating she had “never even spoken to the guy,” who had only communicated with her manager once.

“Also don’t believe the bullshit fake screenshots and all the rest… Sahil baby take your L and go already,” Azalea commented.

This week, accusations have arisen from public figures, including Olympian Caitlyn Jenner and American rapper Rich the Kid, labeling Arora’s celebrity memecoin projects as fraudulent.

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Azalea’s MOTHER token, which is based on the Solana blockchain, was launched just hours before Arora introduced the IGGY token. While IGGY initially saw a valuation of about $3 million, it drastically fell to around $158,000 by 11 am UTC on May 29, according to DEX Screener.

Conversely, Azalea’s MOTHER reached a market value of $18.2 million at the same time.

Arora, who has faced allegations of engaging in pump-and-dump schemes and presale scams, launched IGGY following a presale—a common but controversial fundraising tactic that requires investors to send funds to a specific address. This method, which is not mandatory for launching coins on the memecoin platform used for IGGY, has spurred public accusations of scamming.

Solscan data showed that the Solana address used by Arora for the IGGY presale contained over $370,000 in SOL as of 10 am UTC.

Despite denying the scam allegations, Arora stated, “Tons of people make big from my launches. The few that don’t become haters.”

The launch of Azalea’s MOTHER token also stirred its share of controversy when she posted an Instagram story featuring two men at computers, one of whom was initially thought to resemble Arora, sparking rumors of a possible collaboration. However, further images clarified that the individual was actually Azalea’s brother, Matthias Kelly.

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