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 maybe, $MOTHER has more areas worth exploring. This article details the current status of celebrity coins and how Iggy Azalea’s continuous investment in the project has made her memecoin MOTHER stand out.
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 favor, memecoins quickly filled the void. With tools like pump.fun, anyone can easily launch a memecoin. Celebrities naturally seized this opportunity to make quick profits.
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)
How did they perform?
Iggy’s MOTHER coin is an exception, with a market cap of $191 million at the time of this writing.
Wait, who is Iggy Azalea?
Iggy Azalea is an Australian female rapper who was popular in the 2010s with hit singles 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 (earning 6 to 7 figures in the process), with many exiting 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 view things in absolute terms, relatively speaking, this is actually (sadly?) impressive. This point should not be overlooked.
How did Iggy stay invested in this space?
A reminder: we are talking about relative terms, Iggy is a newcomer.
Iggy’s X account focuses on MOTHER
Looking at her X account, it’s all about MOTHER, and she deleted all posts before May 29, the day of the token launch. 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 towards 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, which is impressive)
Engaging with the community
Iggy appeared in multiple Spaces communities. I happened to listen to one (starting from the 12th minute), and I have to admit, she looks genuinely interested. Here are some highlights:
She learned more about cryptocurrency and Web3 from her business manager but wonders “what else is there to it?”
She shared valuable insights about friction points by letting her friends onboard. 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 larger celebrities through her manager
She aims to focus on other income sources besides token sales because token sales are not sustainable
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 for online chats and browsing music forums during lunchtime every day
Plans to attend Solana Breakpoint
In Telegram chats, Iggy frequently interacts with the community and replies through voice messages.
She will also feature in the Threadguy podcast to be released tomorrow.
Leveraging the misconduct of peers
Last week, Iggy initiated an initiative that if a celebrity sells their memecoin, she will burn some of her own tokens. Earlier today, Hulk Hogan became a new member of this club, which means one thing:
Proof of burn transaction
This initiative turns a completely negative event into a positive one that impacts different communities. Trying to make the best out of a bad situation, right?
Results are yet to be revealed
With a plethora of low-quality celebrity coin scams emerging, they naturally should be met with skepticism. Vitalik and Hayden Adams have expressed their opposition to this latest trend, and I agree with their views.
Interestingly, Iggy has just launched the website for MOTHER, where goods can only be purchased with MOTHER. This is one of many steps towards pushing things in the direction Vitalik mentioned.
Can Iggy and MOTHER break the trend of celebrity coins? It’s only been 10 days, time will tell us the answer.