The newly launched memecoin MOTHER by Australian rapper Iggy Azalea skyrocketed to a market value exceeding $20 million on May 29.
This surge allowed MOTHER to overshadow the IGGY token associated with Sahil Arora, who has recently come under scrutiny for alleged fraud.
Azalea publicly dissociated herself from Arora after he posted a screenshot showing a text message in which Azalea supposedly discussed promoting his token.
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Refuting these claims, Azalea asserted she has "never even spoken to the guy," clarifying he only had one phone call with her manager. She further addressed the matter, saying:
Don't believe the fake screenshots and all the rest <...>. Sahil, baby, take your L and go already. [REDACTED]
Launched on the Solana blockchain, Azalea’s MOTHER memecoin made its debut just hours after Arora introduced IGGY. Initially, IGGY saw a strong start, reaching a market capitalization of about $3 million. However, it has dropped to approximately $167,000 at the time of writing. In contrast, Azalea’s MOTHER is currently at $20.17 million.
However, Arora’s focus for IGGY might not be on market performance, given his multiple accusations of pump-and-dump schemes and suspected presale scams. Before Arora launched IGGY, he also held a presale where investors contributed funds to a designated address, leading to accusations of fraud.
Records from Solscan indicate that the Solana address used by Arora for the presale holds over $380,000 in SOL at the time of writing.
In the past few days, at least two celebrities have accused Arora of running scam operations through his memecoin projects. Olympian Caitlyn Jenner and rapper Rich the Kid have both publicly accused him of scam.
Arora has denied allegations of scamming, attributing any losses to poor timing by investors.
Nonetheless, while the MOTHER memecoin continues to perform well in the market, the IGGY token struggles during scam allegations and a dramatic drop in value.
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