Australian
rapper
Iggy
Azalea
has
made
waves
in
the
digital
assets
community
by
launching
her
Solana-based
MOTHER
token,
a
meme
coin
that
has
seen
a
meteoric
rise
in
value
despite
its
lack
of
intrinsic
utility.
Simultaneously,
she
has
reignited
a
feud
with
Ethereum
co-founder
Vitalik
Buterin
and
announced
plans
to
integrate
her
crypto
venture
with
her
restarted
telecommunication
business.
The
Rise
of
the
MOTHER
Token
Launched
just
over
a
week
ago
on
the
Solana
blockchain,
the
MOTHER
token
has
already
reached
a
market
capitalization
of
$186
million.
Its
price
surged
by
a
staggering
90%
in
a
single
day,
minting
millionaires
out
of
some
early
investors.
Like
many
meme
coins,
MOTHER
offers
no
tangible
value
proposition
or
utility.
Its
value
is
driven
by
market
demand
and
speculation,
with
holders
receiving
no
payouts
or
voting
rights.
The
value
is
attributed
to
its
‘community,’
but
memecoins
are
often
viewed
as
a
form
of
unregulated
gambling
where
each
buyer
hopes
not
to
be
another’s
exit
liquidity.
Azalea’s
active
promotion
of
the
token
on
her
social
media
platforms,
leveraging
her
8
million
followers
on
X
(formerly
Twitter),
has
significantly
fueled
interest
and
hype
around
the
project.
Further,
she
has
commented
on
her
battle
with
“mainstream
media”
around
her
music,
making
an
embattled
cry
that
she
won’t
be
stopped
and
won’t
give
up
unless
MOTHER
goes
to
“zero.”
Azalea’s
posts
often
feature
raunchy
memes
and
playful
jabs
at
critics,
helping
to
maintain
a
buzz
around
the
MOTHER
token.
Her
tactics
have
drawn
both
praise
and
criticism
from
the
crypto
community,
reigniting
a
debate
about
the
purpose
and
ethics
of
celebrity-endorsed
cryptocurrencies.
Feud
with
Vitalik
Buterin
Azalea’s
involvement
in
the
crypto
space
has
also
led
to
a
high-profile
X
spat
with
Vitalik
Buterin,
the
co-founder
of
Ethereum.
Buterin
initially
criticized
celebrity
tokens
like
MOTHER
for
their
lack
of
purpose
and
financialization
as
an
end
goal.
Buterin
stated,
“I’m
feeling
quite
unhappy
about
with
“this
cycle’s
celebrity
experimentation”
so
far.”
In
response,
Azalea
posted
a
photoshopped
image
of
herself
breastfeeding
an
infant
Buterin,
captioned,
“He
was
just
hangry,”
sparking
further
debate
and
criticism
from
the
crypto
community.
The
feud
escalated,
with
Azalea
accusing
Buterin
of
pocketing
gas
fees
and
questioning
his
stance
on
various
issues.
This
ongoing
spat
has
kept
both
Azalea
and
the
MOTHER
token
in
the
spotlight,
further
fueling
the
controversy
surrounding
celebrity-endorsed
cryptocurrencies.
Azalea
categorized
Ethereum
fees
as
“gas
tax”
and
used
air
quotes
when
referring
to
“gas
fees.”
Her
argument
seemed
to
be
based
on
the
concept
that
Buertin
is
somehow
the
recipient
of
gas
fees
as
opposed
to
the
reality
that
base
gas
fees
have
been
burnt
since
EIP-1559
was
introduced
in
2021.
The
priority
fee,
or
tip
used
to
incentivize
validators
to
prioritize
transactions,
is
rewarded
to
stakers.
While
Buterin
holds
around
245k
ETH,
which
may
be
staked,
thus
earning
rewards
from
fees,
this
is
a
fraction
of
the
32
million
ETH
total
staked.
Azalea
has
been
a
vocal
supporter
of
Solana’s
low
gas
fees
and
commended
the
approach
of
the
Solana
Foundation.
Integration
with
telecommunication
business
Azalea
has
announced
plans
to
integrate
her
crypto
venture
with
her
business
operations.
Starting
June
11,
she
will
relaunch
a
telecommunication
company
she
co-founded,
allowing
customers
to
purchase
phones
and
month-to-month
cell
service
plans.
Notably,
Azalea
has
stated
that
MOTHER
tokens
could
soon
be
used
to
buy
phones
from
the
company,
potentially
adding
utility
to
the
meme
coin.
Integrating
her
crypto
with
her
business
ventures
is
unique
and
could
set
a
precedent
for
other
celebrities
exploring
the
crypto
space.
Ongoing
debate
and
scrutiny
Azalea’s
foray
into
the
crypto
world
has
reignited
debates
about
the
purpose
and
ethics
of
celebrity-endorsed
cryptocurrencies.
While
some
applaud
her
ability
to
generate
hype
and
financial
gains
for
early
investors,
others
question
such
projects’
long-term
viability
and
legitimacy.
The
feud
with
Vitalik
Buterin
has
further
fueled
this
discussion.
Buterin
represents
the
philosophical
corner
of
the
crypto
community
that
emphasizes
the
importance
of
utility
and
purpose
beyond
mere
financialization.
He
commented,
“The
north
star
should
be:
to
have
a
project
where
even
if
eventually
all
tokens
involved
go
to
zero,
the
average
person
who
participated
is
happy
to
have
done
so.
Regular
businesses
and
charities
accomplish
this
goal
all
the
time!
It’s
a
low
bar,
but
things
we
build
should
meet
this
bar
as
well.”
As
Azalea
continues
navigating
crypto
and
integrating
her
ventures,
the
scrutiny
and
debate
surrounding
her
actions
will
likely
persist.
The
success
or
failure
of
the
MOTHER
token
and
her
telecommunication
business’s
integration
with
Solana-based
tokens
is
an
interesting
development
in
the
future
of
celebrity-endorsed
digital
assets
post-FTX.
Mentioned
in
this
article
Go to Source
Author: Liam ‘Akiba’ Wright
