The newly launched memecoin MOTHER by Australian rapper Iggy Azalea skyrocketed to a market value exceeding $20 million on May 29.
This surge allowed MOTHER to overshadow the IGGY token associated with Sahil Arora, who has recently come under scrutiny for alleged fraud.
Azalea publicly dissociated herself from Arora after he posted a screenshot showing a text message in which Azalea supposedly discussed promoting his token.
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Refuting these claims, Azalea asserted she has “never even spoken to the guy,” clarifying he only had one phone call with her manager. She further addressed the matter, saying:
Don’t believe the fake screenshots and all the rest <…>. Sahil, baby, take your L and go already. [REDACTED]
Launched on the Solana blockchain, Azalea’s MOTHER memecoin made its debut just hours after Arora introduced IGGY. Initially, IGGY saw a strong start, reaching a market capitalization of about $3 million. However, it has dropped to approximately $167,000 at the time of writing. In contrast, Azalea’s MOTHER is currently at $20.17 million.
However, Arora’s focus for IGGY might not be on market performance, given his multiple accusations of pump-and-dump schemes and suspected presale scams. Before Arora launched IGGY, he also held a presale where investors contributed funds to a designated address, leading to accusations of fraud.
Records from Solscan indicate that the Solana address used by Arora for the presale holds over $380,000 in SOL at the time of writing.
In the past few days, at least two celebrities have accused Arora of running scam operations through his memecoin projects. Olympian Caitlyn Jenner and rapper Rich the Kid have both publicly accused him of scam.
Arora has denied allegations of scamming, attributing any losses to poor timing by investors.
Nonetheless, while the MOTHER memecoin continues to perform well in the market, the IGGY token struggles during scam allegations and a dramatic drop in value.
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Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
