Traders Coping As Iggy Azalea’s MOTHER Token Surpasses $100 Million Market Cap

After MOTHER’s initial bleed out to fractions of a penny that lasted until the start of June, the token has since reached a market cap of $108 million.

Some traders have been coping in light of MOTHER, the token deployed by Australian rapper Iggy Azalea and her team, surpassing a $100 million market cap on Wednesday. The Solana-based cryptocurrency, which was only deployed last week, hit a milestone market cap of $108 million.

“Coping” refers to a person coming to terms with the missed opportunity of either not buying an asset, a consequence of standing up to the fear of missing out, or locking in some profits too early before gigantic percentage upswings.

After MOTHER’s initial drop to fractions of a penny that lasted until the last day of May, the token has since soared to highs of 11 cents, an over 2,260% increase, according to data from CoinGecko.

MOTHER’s sharp upward rebound comes as other celebrity tokens that launched around the same time continue to dry out such as singer-songwriter Davido’s DAVIDO, TV personality Caitlyn Jenner’s JENNER, and hip-hop artist Rich The Kid’s RICH.

On Solana-based DEX Raydium, MOTHER has a liquidity level of over $660,000 and has generated about $3.2 million in 24-hour trading volume. On alternative Solana-native DEX Orca, Azalea’s token has over $1.45 million in liquidity across four SOL pools, with all four generating over $3.8 million in trading volume over the same period of time. 

In contrast, TREMP, a Solana-native memecoin inspired by the incorrect spelling of likely Republican presidential nominee Donald Trump, has a slightly larger market cap of over $150 million and over $3 million in liquidity stemming from four SOL pools, but it has less than half 24-hour trading volume: $1.1 million, also on Orca.

Azalea Goes Crypto Native 

Since deploying her token, some crypto users have noticed Azalea showing more dedication to the crypto ecosystem than her celebrity peers. From joining Twitter spaces for hours to using Telegram to posting memes, “Iggy is hustling and showing a dedication to be part of this space,” wrote one X user with the handle, @Kev4Evaa.

“Iggy a better bullposter than 99% of crypto twitter,” added notorious memecoin trader Ansem. Azalea has also changed her profile picture on social media platform X to a non-fungible token from the Mad Lads collection, which was Solana’s second-most-traded collection on NFT marketplace Magic Eden in the past day. 

By virtue of using a Mad Lads NFT as her profile picture, Azalea can use the NFT community for “business development needs” and consultation for navigating through the space, Kev4Evaa indicated. 

“We all know that in the future, celebs are going to use Web3 for building and managing fanbases, this might be the start of someone doing that the right way now,” said Kev4Evaa. “Obviously, this is all speculation… but based on how earnest she seems to be about learning the space, the culture, and becoming a part of the space, she has my vote. NFA.”

If $MOTHER breaks into sustainable value creation, it’ll also be the mother of this cycle’s celebrity experimentation.

— Chris Burniske (@cburniske) June 1, 2024