- Iggy Azalea’s MOTHER token displays the memecoin development after the NFT craze
- Regardless of Buterin’s critique, MOTHER surged by 1,200%
As soon as a stranger to Solana [SOL], Australian rapper Iggy Azalea has launched her personal Solana-based memecoin, Mom Iggy (MOTHER). Nonetheless, this isn’t the primary time such a development has emerged both.
In 2021, varied celebrities entered the crypto-market by launching their very own NFTs. Now, 2024 has seen an exponential rise in celebrity-endorsed memecoins.
Right here, it’s value mentioning that not everyone seems to be happy with this development. In reality, only recently, Ethereum co-founder Vitalik Buterin expressed his discontent about the identical in a submit on X. He claimed,
“I’m feeling fairly sad about with ‘this cycle’s superstar experimentation’ to this point.”
In response to Buterin’s criticism, the Grammy-nominated rapper shared a photoshopped picture of herself breastfeeding Vitalik Buterin, accompanied by the caption,
“He was simply hangry.”
Her remark garnered widespread appreciation for Iggy and criticism for Buterin, with some commentators stating,
Supply: Lukas/X
Neighborhood favours Azalea
In his critique, Buterin emphasized the necessity for extra significant tasks within the crypto area. He had additionally claimed,
“Financialization as a way towards an finish”, I can respect if the tip is worthy (healthcare, open supply software program, artwork, and so forth). Financialization *as the ultimate product*.”
Nonetheless, a majority of the group disagreed with Buterin’s remarks. One commentator summarized it effectively by claiming,
“Celeb meme cash can change the material of society for the higher.”
What’s on the value entrance?
Regardless of the criticism, Mom Iggy’s worth surged by 1,200% to roughly $0.20, attaining a market capitalization that exceeded $190 million.
Nonetheless, on the time of writing, $MOTHER had dropped by 29.21% in simply 24 hours. This brings forth a query – Is that this attributable to Buterin’s remark or is it merely the unpredictable nature of memecoins?
Rising development of superstar memecoins
Though the query stays unanswered, it nonetheless highlights a rising development the place celebrities leverage memecoins to immediately monetize and have interaction with their followers, bypassing conventional intermediaries.
Whereas some critics discover this development meaningless, it has confirmed to be profitable and an efficient technique for sure celebrities to regain prominence.
Echoing related sentiments, Azalea in a current interview with Fortune added,
“I don’t suppose peace may be very worthwhile on the subject of the panorama of memecoins. It’s what drives virality, it drives my group, and it drives our market cap, and that’s what I’m right here to do. So respectfully, get out of the best way.”
Azalea has been observing the cryptocurrency area since 2020, intrigued by the rise and fall of NFTs and Web3 artwork.
Though unsure of her function, she finally realized that memecoins, with their distinctive tradition, have been the proper match for her enterprise into crypto.
