Iggy Azalea’s MOTHER Memecoin Hits $200 Million Market Cap

Rapper Iggy Azalea’s MOTHER token continues to confound critics as its market capitalization soared above $200 million just ten days after its launch.

The memecoin has more than doubled since June 5, when it was criticized by Ethereum founder Vitalik Buterin, who said he was “feeling quite unhappy with this cycle’s celebrity experimentation.”

Hours later, Azalea posted a meme of herself breastfeeding an infant Buterin, sparking an ongoing debate over memecoins as a valid use case for blockchains. Uniswap founder Hayden Adams defended Buterin, while others, like Wintermute founder Evgeny Gaevoy, weren’t convinced.

The attention from Crypto Twitter has turned out to be a boon for early MOTHER holders. A wallet that purchased 35 million MOTHER tokens for 1 SOL ($170) is sitting on unrealized gains of nearly $3.7 million at current prices.

After a controversial launch on the memecoin platform pump.fun – linked to serial scammer Sahil Arora – Azalea took charge, using her X account to promote the token to her 7.6 million followers.

She’s also been actively engaging with community members in the MOTHER Telegram chat and claims to have engaged a prominent crypto law firm to help with compliance issues.

While it’s too early to tell if MOTHER will ‘break into sustainable value creation,’ many in the crypto community are applauding Azalea’s efforts.

“Iggy a better bullposter than 99% of crypto twitter,” said Ansem, a prominent crypto trader.