A trader is laughing all the way to the bank after having invested in a memecoin themed on Australian rapper Iggy Azalea, the latest in the growing fad of celebrity-endorsed cryptocurrencies.
What Happened: According to an X post by on-chain tracking platform Lookonchain on Thursday, the investor invested $777,000 to buy 50.35 million of the token, called MOTHER, from the period between May 29 and June 1.
In 8 days, his stash ballooned to $9.4 million, netting an eye-popping profit of 1110%. As of this writing, he continues to HODL, indicating that he is still bullish on the token.
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The token has been trending hot on social platforms since the rapper began aggressively pushing it via her official X account.
Since its launch last week, the Solana SOL/USD-based memecoin has amassed a market cap of more than $213 million, according to CoinMarketCap. In the last 24 hours, it gained 37%, with trading volume rising by 159% to $211 million.
Why It Matters: The success of the MOTHER token comes amidst criticism of celebrity cryptocurrencies by Ethereum Co-Founder Vitalik Buterin. Buterin has expressed his disapproval of the meme coin frenzy and urged the community to push “things in a better direction.”
However, the MOTHER token’s performance contrasts with other celebrity-themed coins like the Hulk Hogan-themed HULK, which lost $15M in market cap in minutes after some insider pulled off a pump-and-dump strategy.
Another coin, promoted by reality TV star and former Olympian Caitlyn Jenner, saw steady gains of 17% over the week, after cratering from the initial euphoria.
Photo via Shutterstock
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