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

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

Updated: 07 June 2024

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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.