Iggy Azalea’s MOTHER Token Soars 30% After New Utility Announcement

Australian rapper Iggy Azalea has revitalized her telecommunications company, Unreal Mobile. This move sparked a 30% increase in her meme coin, Mother Iggy (MOTHER).

This development comes as many industry leaders have strongly criticized celebrity meme coins.

How Iggy Azalea Tries to Bring Use Case to Her Meme Coin

Azalea announced that Unreal Mobile will accept MOTHER and Solana (SOL) for purchasing phones and monthly cell plans. This update is supported by a partnership with Sphere Labs, a payment infrastructure provider that will help incorporate crypto payments.

Unreal Mobile offers competitive plans ranging from $20 to $80 per month, depending on data usage and network choices. Following Azalea’s announcement on X (formerly Twitter), MOTHER’s value rose by over 30%.

Read more: 11 Top Solana Meme Coins to Watch in June 2024

However, Azalea’s new venture coincides with community skepticism. Some community members have mocked her efforts, comparing Unreal Mobile to the well-established Solana Saga Mobile .

“Unreal Mobile is a service provider. Of course, we offer a selection of phones for purchase if needed, but it’s secondary in nature. We love what Anatoly is developing and aim to eventually have it in our available phone options,” Azalea clarified .

Moreover, celebrity meme coins have also received widespread criticism from industry leaders. This is because they often lack substantial backing and are criticized for their superficial nature. Specifically, Ethereum co-founder Vitalik Buterin has been vocal about his concerns.

Nonetheless, Azalea has distanced herself from controversies involving other celebrities and crypto ventures. She strongly denied any association with Sahil Arora, who faces accusations of deceiving investors.

Furthermore, Azalea has pledged to burn portions of her coin holdings in response to any ‘rug pulls’ by celebrities newly entering the crypto space.

However, the project has faced challenges, including reports from blockchain analytics firm Bubblemaps. They noted significant insider activity at MOTHER’s launch , with insiders acquiring 20% of the supply pre-announcement and later selling tokens worth $2 million.

These developments have been closely monitored by on-chain investigators, highlighting the complexities of celebrity-driven crypto initiatives.