Crypto Trader Turns $2,300 Into $9 Million as Iggy Azalea’s Token Surges $1,200 in One Week

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A trader who invested $2,300 in Iggy Azalea’s MOTHER token on May 28 has seen his investment in the Solana meme coin soar to nearly $9 million. This is because the value of the cryptocurrency has risen by more than 12,00% in the past seven days. It continues to soar, jumping 55% in 24 hours to trade at $0.2179 as of 2:45 a.m. ET.

MOTHER Emerges as Largest Pump.Fun Token
MOTHER’s market cap has surpassed $200 million, making the digital asset the second-largest cryptocurrency to emerge from Pump.fun. Like the memecoin factory that deployed 500,000 tokens through the Solana blockchain in May alone, MOTHER claims to have no value proposition. Holders of the memecoin will not receive any benefits like some investors associated with royalty NFTs. Like tokens issued by football teams, MOTHER does not grant its buyers any voting rights.
The low utility levels of these celebrity tokens have drawn the ire of Ethereum co-founder Vitalik Buterin, who criticized the tokens for “financializing as a means to an end” and lacking purpose.
Here is a brief summary of the characteristics of the famous crypto projects that I would rather respect:
1. There is some charitable purpose other than making celebrities and early adopters rich. Realistically, it could be an art project or…
– vitalik.eth (@VitalikButerin)
June 5, 2024
To earn his respect, Buterin said such a celebrity crypto project needs to have some kind of “public good goal,” as well as some kind of “interesting mechanics.” Beyond just being able to trade tokens, it should also be a “project that lasts more than 10 years,” he added.
Iggy Azalea teases Vitalik Buterin
Hours after the Ethereum co-founder’s criticism, Azalea posted her response on X, which included a picture of her breastfeeding baby Betlin. “He’s just starving,” she wrote in the post’s caption.
He's just starving.
pic.twitter.com/AlTwEtfIKd
– IGGY AZALEA (@IGGYAZALEA)
June 5, 2024
The American rapper’s tweet attracted backlash from other industry figures. Uniswap founder Hayden Adams accused Azalea of mocking one of the best developers in the space.
Still, celebrity involvement in the crypto space could help draw new investors into the vibrant memecoin ecosystem. During the continuation of the so-called memecoin mania, multiple memecoins like MOTHER surged.
Recently launched tokens including The Book of Meme (BOME) and Dog on the Moon (DOG) are among the top ten meme coins by market cap, reaching $932 million and $799 million respectively.
There are multiple candidates striving to follow in their footsteps, with popular dog-themed pre-sales including PlayDoge (PLAY), WienerAI (WAI), and Base Dawgz (DAWGZ).
Solana meme coin Sealana (SEAL) is another token that has surged in its presale, having raised $3 million. It is now offering a last chance to buy before it goes public.
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