Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, signaled interest in Australian rapper Iggy Azalea's memecoin Mother Iggy (MOTHER), owing to favorable macroeconomic conditions.
What happened: In an X post late Sunday night, Hayes highlighted how Bitcoin BTC/USD remained stable over the weekend as the Japanese Yen weakened following the Bank of Japan's decision to keep its benchmark interest rates unchanged.
Since the announcement, the yen indeed fell from 142.50 to 144.18 as of this writing, while Bitcoin made steady advances.
Hayes viewed this as an opportunity to trade ‘s**tcoins’ and made a cheeky reference to the popular rapper’s memecoin, asking, “Iggy Azalea, can you be my $MOTHER?
Hayes, one of the keen observers of the cryptocurrency market and the U.S. macroeconomy, holds about $28.63 million in digital assets, according to Arkham Intelligence.
Why It Matters: Since its launch in June, the Solana SOL/USD-based memecoin has grown by a whopping 280%, amassing a market cap of more than $73 million.
While concerns about celebrity-promoted cryptocurrencies and their short-lived hype have run rife, Azalea's token has found purpose in real-world applications.
Last week, the Grammy-nominated artist announced plans to launch an online casino called Motherland, which would utilize the MOTHER token.
Price Action: At the time of writing, MOTHER was exchanging hands at $0.0747, up 3.50% in the last 24 hours, according to data from CoinMarketCap.
Photo by Fernando Cortes on Shutterstock
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