Crypto Trader Turns $3,200 Into $9 Million After Iggy Azalea’s MOTHER Coin Soars 1,200% In A Week

A


trader

who
invested
$3,200
into
Iggy
Azalea’s
MOTHER


token

on
May
28
has
seen
the
investment
in
the
Solana
meme
coin
skyrocket
to
almost
$9
million.

That’s
after
the
cryptocurrency’s
value


skyrocketed

more
than
1,200%
in
just
the
last
7
days.
It
continues
to
soar,
registering
a
24-hour
leap
of
55%
to
trade
at
$0.2179
as
of
2:45
a.m.
EST.

MOTHER
Emerges
As
The
Largest
Pump.Fun
Token

MOTHER’s
market
cap
has
topped
$200
million,
making
the
digital
asset
the
second
largest
crypto
to
emerge
from
Pump.fun.
Like
the
half
a
million
tokens
that
were
deployed
through
this
meme
coin
factory
on
the
Solana
blockchain
in
May
alone,
MOTHER
claims
no
value
proposition.

Holders
of
the
meme
coin
don’t
get
any
payouts
from
albums
like
investors
in
some
royalty-linked
NFTs
do.
MOTHER
also
does
not
grant
its
buyers
any
voting
privileges,
as
is
the
case
with
tokens
issued
by
football
teams. 

The
low
levels
of
utility
of
such
celebrity
tokens
prompted
the
ire
of
Ethereum
co-founder


Vitalik
Buterin.
He


criticized

them
as
”financialization
as
a
means
to
an
end”
and
lacking
any
purpose.

A
quick
summary
of
features
that
a
celebrity
crypto
project
needs
to
have
for
me
to
be
more
willing
to
respect
it:

1.
Have
some
kind
of
public-good
goal
that
it’s
serving,
other
than
enriching
the
celebrity
and
early
adopters.
Realistically,
either
an
art
project
or
the…

—
vitalik.eth
(@VitalikButerin)

June
5,
2024

To
gain
his
respect,
Buterin
said
such
celebrity
crypto
projects
need
to
have
features
including
some
kind
of
“public-good
goal,”
and
some
sort
of
“fun
mechanics.”
In
addition
to
just
being
able
to
trade
the
token,
it
should
be
a
project
that
“lasts
10+
years,”
he
added.

Iggy
Azalea
Trolls
Vitalik
Buterin

Hours
after
the
Ethereum
co-founder’s
criticism,
Azalea
posted
her


response

on
X
that
included
a
photoshopped
image
of
her
breastfeeding
a
baby
Buterin.
“He
was
just
hangry,”
she
wrote
as
the
post’s
caption.

He
was
just
hangry

pic.twitter.com/AlTwEtfIKd

—
IGGY
AZALEA
(@IGGYAZALEA)

June
5,
2024

The
American
rapper’s
tweet
attracted
a
backlash
from
other
industry
players.
Hayden
Adams,
the
creator
of
Uniswap,


chastised

Azalea
for
trolling
one
of
the
best
developers
in
the
space. 

Nevertheless,
celebrities’
involvement
in
the
crypto
space
can
help
attract
new
investors
to
the
vibrant
meme
coin
ecosystem.
Multiple
meme
coins
have
skyrocketed
like
MOTHER
this
year
amid
extended
periods
of
so-called
meme
coin
mania.

Recently
launched
tokens
including
Book
of
Meme
(BOME)
and
DOG•GO•TO•THE•MOON
(DOG)
are
both
ranked
among
the
top
10
biggest
meme
coins
with
market
capitalizations
of
$932
million
and
$799
million,
respectively.

There
are
multiple
candidates
striving
to
follow
in
their
footsteps
with
hot
canine-themed
presales


PlayDoge

(PLAY),


WienerAI

(WAI),
and

Base
Dawgz
(DAWGZ)
among
analyst
favorites.

Solana
meme
coin

Sealana
(SEAL)
is
another
token
that’s
soared
in
presale
with
$3
million
raised
already.
It’s
now
offering
a
last
chance
to
buy
before
listing.

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