Author: TPAN; Translation: Deep Tide TechFlow
Today’s article focuses on the controversial memecoin of the past week – $MOTHER. By analyzing Iggy Azalea’s strategy, we may be able to learn something from it, perhaps just perhaps, $MOTHER has more to explore. This article details the current situation of celebrity coins and how Iggy Azalea stood out with her memecoin MOTHER through her continued investment in the project.
What are celebrity coins and MOTHER?
Celebrities have been involved in cryptocurrencies and Web3 for a long time, often associated with scams and “exit scams.” A few years ago, when NFTs were popular, many celebrities seized the opportunity but failed to sustain their involvement, and now they are hardly involved in the NFT space. For example, Cristiano Ronaldo’s NFT collection exclusively released on Binance only sold for $9,000 as of yesterday.
With NFTs losing popularity, memecoins quickly filled the void. With tools like pump.fun, anyone can easily create memecoins. Naturally, celebrities also seized this opportunity to profit quickly.
In the past week and a half, we have witnessed a wave of celebrities entering the scene:
Caitlyn Jenner (May 26)
Rich The Kid (May 27)
Iggy Azalea (May 28)
Moneybagg Yo (post deleted)
Lil Pump (May 29, post deleted)
Trippie Redd (May 29, post deleted)
Davido (May 29)
So, how did they perform?
Iggy’s MOTHER coin is an exception, with a market value of $191 million at the time of writing this article.
Wait, who is Iggy Azalea?
Iggy Azalea is an Australian female rapper who was popular in the 2010s with hits like “Fancy” and “Black Widow.”
Why did other celebrity coins perform poorly while MOTHER steadily rose during the same period?
The simple answer is: she remained invested in the project.
Almost all of these celebrities abandoned the tokens they issued (in the process of selling tokens and earning 6 to 7 figures), with many dropping out on the first day.
I know it’s absurd to call a celebrity who launched a memecoin 10 days ago “invested.” Most New Year’s resolutions last longer than 10 days, haha. But in a world where we often judge things by absolute standards, relatively speaking, this is actually (sadly?) impressive. This point should not be overlooked.
How did Iggy stay invested in this area?
A reminder: we are discussing this in relative terms, Iggy is a newcomer.
Iggy’s X account focuses on MOTHER
Looking at her X account, it is all about MOTHER and she deleted all posts before May 29, the day the token was issued. It sounds simple, but remember she has 7.6 million followers and has posted a total of 2,245 posts about MOTHER (including retweets, quotes, etc.).
Directing her traffic to memecoins
While X is the main focus because it resonates with the audience, Iggy also placed a link to MOTHER’s Telegram channel on her Instagram and paused her OnlyFans, directing fans to the Telegram channel.
(By the way, she is one of the highest-earning OnlyFans creators, quite impressive.)
Engaging with the community
Iggy appeared in multiple Spaces communities. I happened to listen to one (starting from the 12th minute) and have to admit, she seems genuinely invested. Here are some highlights:
She learned more about cryptocurrencies and Web3 from her business manager but wonders “what more is there in this?”
She shared valuable insights about friction points by allowing her friends to join. If you are developing consumer wallets or trading products, this might be a point worth double-checking:
How to buy Solana?
What is slippage?
She plans to collaborate with bigger celebrities through her manager
She aims to focus on other sources of income besides token dumping, as dumping is unsustainable
Two non-crypto projects will be launched in the coming weeks (mobile network and digital gifting/crowdfunding), both integrating crypto payments, including MOTHER
She grew up in the digital world, coming home to chat online and browse music forums during lunchtime every day
Planning to attend Solana Breakpoint
In Telegram chats, Iggy frequently interacts with the community and responds via voice messages.
She will also be appearing on the Threadguy podcast tomorrow.
Capitalizing on the wrongdoing of peers
Last week, Iggy initiated an initiative that if a celebrity dumps their memecoin, she will burn some of her own tokens. Earlier today, Hulk Hogan became the newest member of this club, which means one thing:
Proof of Burn transactions
This initiative turns a completely negative event into something positive that impacts different communities. Trying to do the best in a bad situation, right?
The results are yet to be revealed
With a large number of low-quality celebrity coin scams emerging, they should naturally be viewed with suspicion. Vitalik and Hayden Adams have both expressed opposition to this latest trend, and I agree with their views.
Interestingly, Iggy has just launched the MOTHER website where goods can only be purchased with MOTHER. This is one of the many steps towards the better direction that Vitalik mentioned.
Can Iggy and MOTHER break the trend of celebrity coins? It’s only been 10 days, time will tell us the answer.
