Rapper Iggy Azalea’s MOTHER, launched on Solana, experienced a surge in trading demand, reaching an all-time high of $0.08952 on Sunday, just days after its launch. Azalea has been actively tweeting in the Crypto Twitter community, and even adopted a custom Mad Lads PFP on Friday, a day after the Solana project shared a custom honorary avatar for her, based on a photo reference. Mad Lads is the most valuable Solana NFT collection, currently valued at a floor price of 62.83 SOL, or $10,434.72.
Azalea’s MOTHER token climbed to a peak market cap of $88.7 million. Although the price halved by Sunday night, it rebounded on Monday, nearly matching the previous peak before dipping again. As of now, MOTHER is trading above $0.078, with a market cap of $77.6 million.
Azalea’s entry into the crypto market last week was not without controversy. She launched MOTHER after controversial crypto promoter Sahil Arora, who had previously helped launch Caitlin Jenner’s meme coin, teased an IGGY token and collected $380,000 in presale funds for a token unrelated to her. Azalea publicly distanced herself from Arora, tweeting for him to “take your L and go already,” earning praise from traders for her transparency and engagement.
Nearly a week later, Azalea remains active on Crypto Twitter, sharing memes and replying to the community. On-chain data shows that there are 18,273 holders of the MOTHER token, signalling a substantial community for a newly-launched token.