Australian rapper Iggy Azalea has revitalized her telecommunications company, Unreal Mobile. This move sparked a 30% increase in her meme coin, Mother Iggy (MOTHER).
This development comes as many industry leaders have strongly criticized celebrity meme coins.
How Iggy Azalea Tries to Bring Use Case to Her Meme Coin
Azalea that Unreal Mobile will accept the meme coin – Solana (SOL) for purchasing phones and monthly cell plans. This update is supported by a partnership with Sphere Labs, a payment infrastructure provider that will help incorporate crypto payments.
Unreal Mobile offers competitive plans ranging from $20 to $80 per month, depending on data usage and network choices. Following Azalea’s announcement on X (formerly Twitter), MOTHER’s value rose by over 30%.
Nonetheless, Azalea has distanced herself from controversies involving other celebrities and crypto ventures. She strongly denied any association with Sahil Arora, who faces accusations of deceiving investors.
Furthermore, Azalea has pledged to burn portions of her coin holdings in response to any ‘rug pulls’ by celebrities newly entering the crypto space.
However, the project has faced challenges, including reports from blockchain analytics firm Bubblemaps. They noted significant insider activity at MOTHER’s launch, with insiders acquiring 20% of the supply pre-announcement and later selling tokens worth $2 million.
These developments have been closely monitored by on-chain investigators, highlighting the complexities of celebrity-driven crypto initiatives.
