Australian rapper Iggy Azalea made waves in the digital asset community when she launched her own MOTHER Token on Solana , a memecoin that has seen skyrocketing growth in value despite lacking utilities. At the same time, she also reignited her feud with Ethereum co-founder Vitalik Buterin and announced plans to integrate her cryptocurrency with its telecommunications business.
Launched just over a week ago on the Solana blockchain, the MOTHER Token has reached a market Capital of $161 million at the time of writing. Its price skyrocketed 90% in just one day, turning some early investors into millionaires.
Like many other memecoins, MOTHER offers no tangible value proposition or utility. Its value is driven by market demand and speculation, with holder receiving no payments or voting rights. Value is attributed to its “community,” but memecoins are often XEM as a form of unregulated gambling where each buyer hopes not to become another's drain of liquidation .
Azalea's active promotion of her Token on social media platforms, leveraging her 8 million Watcher on X (formerly Twitter), has successfully attracted interest and hype around the project. Furthermore, she commented on her battle with the “mainstream media” regarding her musical works, stating that she will not stop and will not give up unless MOTHER returns to “zero”.
Azalea's posts often feature profane meme and sarcastic jabs aimed at critics, helping to maintain the buzz around the MOTHER Token . Her tactics have drawn both praise and criticism from the crypto community, sparking a debate about the purpose and ethics of celebrity-endorsed cryptocurrencies.
Azalea's entry into the crypto space also led to a famous argument on The ultimate goal is only financial.
In response, Azalea posted a photoshopped photo of herself feeding a newborn baby (whose face resembles Buterin's) milk , along with the caption: "He's just thirsty for milk." ”, sparking further debate and criticism from the cryptocurrency community.
Tensions escalated as Azalea accused Buterin of rigging Gas Price, and questioned his stance on various issues. This heated battle has put both Azalea and the MOTHER Token in the spotlight, adding to the controversy surrounding the celebrity-endorsed cryptocurrency. Azalea classified Ethereum fees as a “ gas tax” and used airline quotes when referring to “Gas Price.”
Her argument appears to rest on the notion that Buertin is somehow a recipient of Gas Price, as opposed to the fact that Gas Price have essentially been burned since EIP-1559 was introduced in 2021. Fees incentives or tips are used to incentivize validators to prioritize transactions, which are rewarded to investors.
Although Buterin holds approximately 245k ETH, which can be Stake, thus earning rewards from fees, this is only a small fraction of the total 32 million ETH Stake . Azalea has been vocal in praising Solana 's low Gas Price and praising the Solana Foundation's approach.
Azalea has announced plans to integrate MOTHER with its business operations. Starting June 11, she will relaunch the telecommunications company she co-founded, allowing customers to buy phones and monthly mobile service plans.
Notably, Azalea has stated that the MOTHER Token could soon be used to purchase phones from the company, potentially adding additional utility to this memecoin. Integrating cryptocurrency with her business ventures is unique and could set a precedent for other celebrities to explore the crypto space.
Azalea's foray into the world of cryptocurrency has sparked debates about the purpose and ethics of celebrity-endorsed cryptocurrencies. While some applauded her ability to generate hype and financial benefits for early investors, others questioned her long-term viability and legitimacy. of such projects.
The never-ending battle between her and Vitalik Buterin further fueled this discussion. Buterin represents the philosophical corner of the crypto community, emphasizing the importance of utility and purpose beyond the purely financial. He commented:
“The north star has to be: having a project where even if all the Token involved eventually go to zero, the average person who participated would still be happy to do so. Businesses and charities regularly accomplish this goal! That's a low standard, but the things we build have to meet this standard as well.”
As Azalea continues to navigate cryptocurrency and integrate her ventures, the scrutiny and debate surrounding her actions will likely continue. The success or failure of the MOTHER Token and the integration of the telecommunications business with the Solana -based Token is an exciting development in the future of celebrity-endorsed digital assets post- FTX .
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Itadori
According to Cryptoslate
