- Celebrity-backed crypto projects are still driving all the buzz.
- Australian Rapper Iggy Azalea has continued to promote her recently launched MOTHER token.
- The rapper has linked the token to a new telecommunications company.
Over the past months, crypto projects backed by social influencers have been all the rage, circulating across the industry as the “next big things” with aggressive promotions from their celebrity backers. Despite the resurgence of the known-to-be-controversial trend drawing concerns for their fleeting successes and occasional rug pulls, these influencers show no signs of slowing down.
Among the new wave riders, rapper Iggy Azalea’s MOTHER has particularly been in the spotlight, once again drawing attention to a new announcement.
Iggy Azalea’s MOTHER Taps New Utility
On June 9, 2024, Iggy Azalea unveiled the incoming relaunch of a co-owned telecommunication company, introducing an additional use case for her recently launched token, MOTHER.
The Australian rapper and model stated that upon the relaunch, buyers will be able to purchase the released mobile phones, as well as month-to-month cell plans, using her native token and SOLANA (SOL).
Azalea’s announcement follows the unveiling of an online merchandise store only a few days prior. In it, items available for purchase using the MOTHER token were listed amid efforts to increase the token’s utility. In response to the news, the token experienced a 20.1% uptick, trading at $0.183 at press time.
However, the rapper added that the telecommunications launch is “only a convenient side mission” and not her main vision for what will drive the token’s success. Despite her optimistic outlook, the inherently controversial nature of these celebrity-backed tokens continues to draw criticism.
Celeb-Backed Tokens: Recipes for Disaster?
The crypto industry has witnessed numerous influencer-backed crypto projects come and go, often ending up in rug pulls despite experiencing initial success. From popular TV figures like Kim Kardashian and Caitlyn Jenner to American boxer Floyd Mayweather, nearly 100% of these tokens have met disastrous ends, often rugged and leaving investors grappling with significant losses.
This ‘pump and dump’ trend has raised alarms across the industry, cautioning users against succumbing to the heightened FOMO trend and avoiding schemes orchestrated by unscrupulous figures who capitalize on their popularity and influence.
Industry figures such as Ethereum co-founder Vitalik Buterin have also emphasized the importance of projects holding real utility beyond quick financial gain, asserting the lack of utility in the majority of this new wave of celebrity-touted tokens.
On the Flipside
- Social figure Caitlyn Jenner’s token launched prior to Iggy Azalea’s MOTHER, ended up in a rug pull.
- Social Influencers and celebrity figures often have no real knowledge of the crypto industry, making it difficult for them to contribute anything of value.
- Since its launch, the token has surged approximately 859% in value.
Why This Matters
Iggy Azalea’s decision to integrate MOTHER with her upcoming telecommunications relaunch adds value to her token. Nevertheless, investors are urged to proceed with caution, considering the tumultuous history and uncertain outcomes often associated with such projects, to safeguard against potential losses.
Read this article to discover more about Iggy Azalea’s response to Viltalik Buterin’s criticism:
Azalea Takes on Buterin: Are Celebrity Cryptos Here to Stay?
Malicious actors have placed a target on crypto exchange users, read more about the latest victims:
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