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Iggy Azalea Joins Celebrity Token Frenzy

A controversial celebrity token trend has emerged over the past week. Mainstream media figures started launching Solana-based memecoins and seemed to show interest in cryptocurrencies.

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 posted on X asking: ‘Who is Solana? I don’t know that bitch.”

The post has been viewed more than 1.8 million times and caused controversy in several communities. “Stan Twitter” interpreted the post as a dig at American R&B singer SZA, causing many fans to attack Azalea. However, the rapper quickly clarified the matter and replied, “Girl, I’m talking about crypto.”

Solana
Azalea endorses Solana on X: Source: Iggy Azalea

After that, Azalea found her introduction to the crypto community overshadowed by allegations of her involvement with alleged scammer Sahil Arora. As reported by NewsBTC, Arora was reportedly responsible for launching several celebrity and influencer tokens, which he eventually acquired.

Rapper Rich The Kid and Olympian Caitlyn Jenner called him out for scamming them and taking advantage of their followers. Both celebrities continued their crypto journey, promoting their tokens and engaging with community members.

Following the scam allegations, Arora has seemingly continued to profit from crypto investors. Azalea accuses the alleged serial scammer of “using her image” as the rapper distances himself from his practices.

In the fast lane from music to crypto

Azalea explained that Arora and her team had a conversation about crypto, but her recently launched token had nothing to do with him. Arora reportedly created fake screenshots and used the rapper’s name to raise more than $380,000 in a pre-sale for a token called IGGY.

As an X user reported, Arora claimed to be collaborating with the Australian rapper on Telegram. He stated that his next ‘mega launch’ would take place in the next 12 to 24 hours.

After raising 2,246 Solana (SOL), the alleged scammer told investors that they would “automate WL for all further launches.” Additionally, investors would receive a “10% SOL airdrop” from Arora’s profits on each launch, and an “airdrop of $iggy when we reach a market cap of $10 million.”

Solana
The rapper distances himself from Arora on X: Source: Iggy Azalea

However, Azalea launched another Solana-based token called MOTHER on Tuesday. The token refers to the LGTBQ+ culture term that became popular in online stan culture in recent years.

Azalea’s token was launched just a few hours after Arora’s IGGY token, confusing investors. After being asked, the rapper explained that she launched her Solana-based token to prevent Arora from misusing her name:

I never had a date, it was something I was interested in, hence the conversation with my people. He did a strange pre-sale yesterday and said I made a coin with him today so I decided to drop one so he couldn’t use me for his strange scam. If I have a coin of my own, I thought it would die. It’s that simple.

The community continued to question her links with Arora after she posted an Instagram story with a man who looked like him. However, it was later revealed that the individual was Azalea’s brother, Mathias Kelly.

MOM beats IGGY

According to Solana Floor, MOTHER reached a market cap of $50 million at its peak. The token rose 63,000% in the following hours, from $0.00004968 to $0.03179.

Solana
MOTHER’s performance since launch. Source: DEXScreener

In the last 16 hours, the token has amassed a trading volume of $126.8 million. At the time of writing, MOTHER is trading at $0.01634, which represents an increase of 21,000% from its launch price.

In comparison, the price of Arora’s IGGY token rose to $0.009288 after launch before falling below $0.00020. Currently, the scam token is trading at $0.0001354 and has a market cap of $134,000.

solana, SOL, SOLUSDT
SOL is trading at $168.76 on the weekly chart. Source: SOLUSDT on TradingView

Featured image from Wikipedia.com, chart from TradingView.com

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