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 learn something from it, perhaps just maybe, $MOTHER still has more to explore. This article details the current status of celebrity coins and how Iggy Azalea has distinguished her memecoin MOTHER through 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 sold only $9,000 as of yesterday.
With NFTs losing popularity, memecoins quickly filled the void. With tools like pump.fun, anyone can easily launch memecoins. Celebrities naturally seized this opportunity to make quick profits. Over 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).
(Refer to tweets)
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 popular in the 2010s, known for 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 stayed invested in the project. Almost all of these celebrities abandoned the tokens they released (in the process of selling tokens and earning six to seven figures), with many exiting on the first day. I know it’s absurd to call a celebrity who released a memecoin for 10 days “invested”. Most New Year’s resolutions last longer than 10 days, haha. But in a world where we often view things in absolute standards, relatively speaking, this is actually (sadly?) impressive. This should not be overlooked.
How did Iggy stay invested in this space?
Let’s remind ourselves: we are discussing in relative terms, Iggy is a newbie. Iggy’s X account focuses on MOTHER. Check out her X account, it’s all about MOTHER, and she deleted all posts before May 29, the day the token was released. Sounds simple, but remember she has 7.6 million followers, with a total of 2245 posts about MOTHER (including retweets, quotes, etc.).
Redirecting her traffic to memecoin
While X is the main focus because it aligns with her audience, Iggy also placed the MOTHER Telegram channel link 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 community Spaces. I happened to listen once (starting from the 12th minute), and I have to admit, she seemed genuinely interested. Here are some highlights:
She learned more about cryptocurrencies and Web3 from her business manager but wonders “what else is there to it?”
By having her friends onboard, she shared valuable insights about friction points. If you are developing consumer wallets or trading products, this might be an area worth paying extra attention to:
How to buy Solana?
What is slippage?
She plans to collaborate with bigger celebrities through her manager.
She aims to focus on other income sources besides token dumping since token dumping is unsustainable.
In the coming weeks, she will launch two non-crypto projects (mobile network and digital gifting/crowdfunding), both integrating crypto payments, including MOTHER.
She grew up in the digital world, spending lunchtime chatting online and browsing music forums.
She plans to attend Solana Breakpoint.
In Telegram chats, Iggy frequently interacts with the community and responds through voice messages.
She will also appear on the Threadguy podcast tomorrow.
Leveraging the misconduct 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 transaction
This initiative turns a completely negative event into a positive impact on different communities. Trying to do the best in a bad situation, right? The results are yet to be revealed.
With a plethora of low-quality celebrity coin scams emerging, they should naturally be met with skepticism. 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 products can only be purchased with MOTHER. This is one of many steps to push things in the direction Vitalik mentioned for the better.
Can Iggy and MOTHER break the trend of celebrity coins? It’s only been 10 days, time will tell us the answer.