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 beneath scrutiny for alleged fraud.
Azalea publicly dissociated herself from Arora after he posted a screenshot exhibiting a textual content message wherein 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 telephone name together 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. Nevertheless, it has dropped to roughly $167,000 on the time of writing. In distinction, Azalea’s MOTHER is at present at $20.17 million.
Nevertheless, Arora’s focus for IGGY won’t 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 buyers contributed funds to a chosen tackle, resulting in accusations of fraud.
Data from Solscan point out that the Solana tackle 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 by 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 buyers.
Nonetheless, whereas the MOTHER memecoin continues to carry out nicely out there, 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 Conflict II period.With near a decade of expertise within the FinTech trade, Aaron understands the entire greatest points and struggles that crypto fans face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.Aaron is the go-to individual for all the things and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to remodel the house as we all know it, and make it extra approachable to finish newbies.Aaron has been quoted by a number of established shops, and is a printed writer himself. Even throughout his free time, he enjoys researching the market developments, and on the lookout for the subsequent supernova.
