Over the past week, a controversial celebrity token trend has emerged. Mainstream media figures began releasing Solana-based memecoins and apparently showed interest in the cryptocurrency.
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The latest star to join the celebrity token frenzy is Australian rapper Iggy Azalea, who saw a controversial launch similar to Caitlyn Jenner's JENNER token.
Who is Solana?
On Monday, Azalea surprised the crypto community by showing interest in cryptocurrencies. The rapper and model. x.com/IGGYAZALEA/status/1795279134870159836″ target=”_blank” rel=”nofollow”>aware to x asking: “Who is Solana? “I don’t know that bitch.”
The publication has accumulated more than 1.8 million views and has caused controversy in different communities. “Stan twitter” interpreted the post as a drag on American R&B singer SZA, causing many fans to attack Azalea. However, the rapper quickly clarified the issue and responded, “Girl, I'm talking about cryptocurrency.”
After that, Azalea found her introduction to the crypto community overshadowed by allegations of her involvement with alleged scammer Sahil Arora. As NewsBTC reported, Arora was allegedly responsible for the launch of several celebrity and influencer tokens, which he ultimately used.
Rapper Rich The Kid and Olympic athlete Caitlyn Jenner criticized him for scamming them and taking advantage of their followers. Both celebrities continued their crypto journey, promoting their tokens and interacting with community members.
Following the scam allegations, Arora has apparently continued to take advantage of cryptocurrency investors. Azalea accuses the alleged serial scammer of “using his image” as the rapper distances himself from his practices.
On the fast track from music to cryptocurrencies
Azalea explained that Arora and his team had a conversation about cryptocurrencies, but their recently launched token was unrelated to it. Arora had allegedly fabricated fake screenshots and used the rapper's name to raise more than $380,000 in a pre-sale of a token called IGGY.
As user x.com/willo_0x/status/1795730983523696714″ target=”_blank” rel=”nofollow”>reported, Arora claimed to be working with the Australian rapper on Telegram. She claimed that her next “mega release” would occur in the next 12 to 24 hours.
After raising 2,246 Solana (SOL), the alleged scammer told investors that they would get “WL automated for all subsequent releases.” Additionally, investors would receive a “rational 10% SOL airdrop” of Arora's earnings on each launch and a “$iggy airdrop when we reach a market cap of $10 million.”
However, Azalea on Tuesday launched a different Solana-based token called MADRE. The token refers to the LGTBQ+ cultural term that has become popular in recent years in online stan culture.
Azalea's token was launched just hours after Arora's IGGY token, confusing investors. After being asked, the rapper x.com/IGGYAZALEA/status/1795621889848565955″ target=”_blank” rel=”nofollow”>explained which launched its Solana-based token to prevent Arora from taking advantage of its name:
I never had a date, it was something I was interested in, hence the conversation with my people. He made a weird pre-sale yesterday and said I was going to make a coin off him today, so I decided to leave one so he couldn't use me for his weird scam. If he had a currency of his own, I thought his would die. It's that easy.
The community continued to question her ties to Arora after she posted an instagram story featuring a man who looked like him. However, the individual was later revealed to be Azalea's brother, Mathias Kelly.
MOTHER defeats IGGY
According to Solana Floor, MOTHER reached a market capitalization of $50 million at its peak. The token skyrocketed 63,000% in the following hours, going from $0.00004968 to $0.03179.
In the last 16 hours, the token has accumulated a trading volume of $126.8 million. At the time of writing, MOTHER is trading at $0.01634, representing a 21,000% increase from its launch price.
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In comparison, the price of Arora's IGGY token soared to $0.009288 after the launch before falling below the $0.00020 range. Currently, the scam token is trading at $0.0001354 and has a market capitalization of $134,000.
Featured image from Wikipedia.com, chart from TradingView.com
