The newly launched memecoin MOTHER by Australian rapper Iggy Azalea skyrocketed to a market worth exceeding $20 million on Could 29.
This surge allowed MOTHER to overshadow the IGGY token related to Sahil Arora, who has just lately come underneath scrutiny for alleged fraud.
Azalea publicly dissociated herself from Arora after he posted a screenshot exhibiting a textual content message during which Azalea supposedly mentioned selling his token.
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Refuting these claims, Azalea asserted she has “by no means even spoken to the man,” clarifying he solely had one cellphone name along with her supervisor. She additional addressed the matter, saying:
Do not consider the faux screenshots and all the remaining <…>. Sahil, child, take your L and go already. [REDACTED]
Launched on the Solana blockchain, Azalea’s MOTHER memecoin made its debut simply hours after Arora launched IGGY. Initially, IGGY noticed a robust begin, reaching a market capitalization of about $3 million. Nonetheless, it has dropped to roughly $167,000 on the time of writing. In distinction, Azalea’s MOTHER is presently at $20.17 million.
Nonetheless, Arora’s focus for IGGY may not be on market efficiency, given his a number of accusations of pump-and-dump schemes and suspected presale scams. Earlier than Arora launched IGGY, he additionally held a presale the place traders contributed funds to a delegated handle, resulting in accusations of fraud.
Data from Solscan point out that the Solana handle utilized by Arora for the presale holds over $380,000 in SOL on the time of writing.
Previously few days, no less than two celebrities have accused Arora of working rip-off operations via his memecoin tasks. Olympian Caitlyn Jenner and rapper Wealthy the Child have each publicly accused him of rip-off.
Arora has denied allegations of scamming, attributing any losses to poor timing by traders.
Nonetheless, whereas the MOTHER memecoin continues to carry out nicely available in the market, the IGGY token struggles throughout rip-off allegations and a dramatic drop in worth.
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Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Battle II period.With near a decade of expertise within the FinTech business, Aaron understands all the largest points and struggles that crypto lovers face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to individual for all the pieces and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to rework the area as we all know it, and make it extra approachable to finish rookies.Aaron has been quoted by a number of established retailers, and is a broadcast writer himself. Even throughout his free time, he enjoys researching the market traits, and in search of the subsequent supernova.
