- Iggy Azalea’s MOTHER token reflects the memecoin trend after the NFT craze
- Despite Buterin’s critique, MOTHER surged by 1,200%
Once a stranger to Solana [SOL], Australian rapper Iggy Azalea has launched her own Solana-based memecoin, Mother Iggy (MOTHER). However, this isn’t the first time such a trend has emerged either.
In 2021, various celebrities entered the crypto-market by launching their own NFTs. Now, 2024 has seen an exponential rise in celebrity-endorsed memecoins.
Here, it’s worth pointing out that not everyone is pleased with this trend. In fact, just recently, Ethereum co-founder Vitalik Buterin expressed his discontent about the same in a post on X. He claimed,
“I’m feeling quite unhappy about with ‘this cycle’s celebrity experimentation’ so far.”
In response to Buterin’s criticism, the Grammy-nominated rapper shared a photoshopped image of herself breastfeeding Vitalik Buterin, accompanied by the caption,
“He was just hangry.”
Her comment garnered widespread appreciation for Iggy and criticism for Buterin, with some commentators stating,
Source: Lukas/X
Community favours Azalea
In his critique, Buterin emphasized the need for more meaningful projects in the crypto space. He had also claimed,
“Financialization as a means toward an end”, I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*.”
However, a majority of the community disagreed with Buterin’s remarks. One commentator summarized it well by claiming,
“Celebrity meme coins can change the fabric of society for the better.”
What’s on the price front?
Despite the criticism, Mother Iggy’s price surged by 1,200% to approximately $0.20, achieving a market capitalization that exceeded $190 million.
However, at the time of writing, $MOTHER had dropped by 29.21% in just 24 hours. This brings forth a question – Is this due to Buterin’s comment or is it simply the unpredictable nature of memecoins?
Growing trend of celebrity memecoins
Although the question remains unanswered, it still highlights a growing trend where celebrities leverage memecoins to directly monetize and engage with their fans, bypassing traditional intermediaries.
While some critics find this trend meaningless, it has proven to be lucrative and an effective strategy for certain celebrities to regain prominence.
Echoing similar sentiments, Azalea in a recent interview with Fortune added,
“I don’t think peace is very profitable when it comes to the landscape of memecoins. It’s what drives virality, it drives my community, and it drives our market cap, and that’s what I’m here to do. So respectfully, get out of the way.”
Azalea has been observing the cryptocurrency space since 2020, intrigued by the rise and fall of NFTs and Web3 art.
Although uncertain of her role, she eventually realized that memecoins, with their unique culture, were the perfect fit for her venture into crypto.
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