- Celebrity-backed cryptocurrency projects are still making headlines.
- Australian rapper Iggy Azalea continues to promote the recently launched MOTHER token.
- The rapper linked the token to a new telecommunications company.
Over the past few months, cryptocurrency projects backed by social influencers have been popping up across the industry.next big thing” With aggressive promotions from celebrity sponsors. These influencers show no signs of slowing down, even as the trend, known for being controversial, raises concerns about fleeting successes and intermittent failures.
Among the new wave riders, rapper Iggy Azalea’s MOTHER is especially attracting attention, and new news is once again attracting attention.
Iggy Azalea’s mother takes advantage of new utility
On June 9, 2024, Iggy Azalea revealed the relaunch of her co-owned telecommunications company, introducing additional use cases for MOTHER, the recently launched token.
The Australian rapper and model revealed that upon the relaunch, buyers will be able to purchase the launched phones and monthly cell phone plans using her native token and SOLANA (SOL).
Azalea’s announcement comes after she unveiled her online merchandise store just a few days ago. It lists items that can be purchased using MOTHER tokens in an effort to increase the token’s utility. In response to the news, the token rose 20.1%, trading at $0.183 at press time.
However, the rapper said that the launch of the communication “It’s just a convenient side mission” That’s not her main vision for what will drive token success. Despite her optimistic outlook, the inherently controversial nature of celebrity-backed tokens continues to attract criticism.
Celebrity-backed tokens: a recipe for disaster?
The cryptocurrency industry has seen many influencer-backed cryptocurrency projects come and go, often running into difficulties despite initial success. From popular TV personalities like Kim Kardashian and Caitlyn Jenner to American boxer Floyd Mayweather, almost 100% of these tokens have met disastrous ends, often solid and leaving investors with significant losses.
this ‘Pump and dump’ This trend has set off alarm bells across the industry, warning users not to succumb to heightened FOMO trends and to avoid schemes orchestrated by unscrupulous actors taking advantage of their popularity and influence.
Industry figures such as Ethereum co-founder Vitalik Buterin have argued that there is a lack of utility in many of these new celebrity-touted tokens, emphasizing the importance of projects maintaining real-world utility beyond quick financial gains. .
On the flipside
- Before Iggy Azalea’s MOTHER, social personality Caitlyn Jenner’s token was released. It ended up being a rug pull..
- Social influencers and celebrities often have no real knowledge of the cryptocurrency industry, making it difficult for them to make valuable contributions.
- The token has soared since its launch. About 859% It’s worth it.
Why This Matters
Iggy Azalea’s decision to integrate MOTHER with her upcoming telecom business relaunch adds value to her token. Nonetheless, investors should proceed with caution to avoid potential losses, considering the tumultuous history and uncertain outcomes associated with these projects.
Read this article to learn more about Iggy Azalea’s response to Viltalik Buterin’s criticism.
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