Iggy Azalea’s Memecoin MOTHER soars amid IGGY controversy
newly released Australian rapper Iggy Azalea’s memecoin MOTHER soar As of May 29, its market value exceeded $20 million.
This surge caused MOTHER to Cover IGGY tokens Related to Sahil Arora He was recently investigated for fraud.
Azalea publicly separated herself from Arora. This after he posted a screenshot showing text messages from Azalea in which he allegedly discussed promoting his token.
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Refuting these claims, Azalea claimed: “I’ve never even spoken to that guy,” she said. He made it clear that he had only spoken to her manager once on the phone. She added on this issue:
Don’t believe fake screenshots and all the rest <...>. Sahil, honey, take the L and go quickly. (edited)
Launched on Solana blockchain. Azalea’s MOTHER memecoin debuted just hours after Arora introduced IGGY. Initially, IGGY got off to a strong start, reaching a market cap of around $3 million. However, at the time of writing, it has dropped to around $167,000. In contrast, Azalea MOTHER’s current value is $20.17 million.
However, Arora’s focus on IGGY may not be on market performance due to suspected pump-and-dump schemes and pre-sale fraud. Arora also conducted pre-sales before launching IGGY. When an investor donates funds to a designated address, leading to allegations of fraud.
According to Solscan records, Solana The address Arora used for the pre-sale holds more than $380,000 in SOL. At the time of writing.
Over the past few days, At least two celebrities have accused Arora of running a scam. Through his memecoin project. Olympian Caitlyn Jenner and rapper Rich the Kid have both publicly accused him of fraud.
Arora is denied the fraud charges; All losses are caused by poor timing on the part of investors.
Despite this, the MOTHER memecoin continues to perform well in the market, while the IGGY token has suffered from fraud allegations and a sharp decline in value.
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