Pop star and newly-minted crypto star Iggy Azalea announced she will burn her own coins whenever a celebrity coin is identified as a scam (a “rug”).
Her strategy is to build trust and integrity in the crypto community and set herself apart from other controversial celebrities.
“I just think it’d be fire to want to be something positive,” Azalea said on an X Space.
Iggy's memecoin burn
“Every time they start rugging, I just want to burn some of mine because I’m a celebrity in the space, and I know I’m going to get hated on for being here. So I’m just going to burn some every time someone comes that’s a celebrity and it’s looking like it’s clearly a rug. I’m just gonna burn.”
Azalea also spoke about her initial involvement in crypto and the motivation to be part of the culture in the X space, stating:
“Honestly, nobody really onboarded me. Matt just likes crypto and honestly, [he] just doesn’t shut up about any type of technology or new thing. [...] NFTs didn’t feel like something that I could fit within, but memecoin involves so much more shitposting and memeing and stuff that I really like, like that kind of culture of the internet.”
The multi-talented artist also discussed her plans to maintain her coin’s integrity by trying to “have a market maker by the end of the day tomorrow.”
Related: Caitlyn Jenner joins Rich the Kid alleging they were ‘scammed’
MOTHER alleged Insider activity
Despite these efforts to bring legitimacy to her memecoin — dubbed Mother Iggy (MOTHER) — Bubblemaps recently claimed that insiders at launch bought a large portion of the token’s supply.
The supply auditing tool platform alleged that insiders bought “20% of the supply at launch” before Azalea announced the launch of MOTHER. The holdings were then dumped for $2 million before the announcement.
Could MEV bots be the culprit?
However, X user Dominium recently refuted similar insider trading claims made by Lookonchain on May 21. Instead, Dominium claimed that the transactions highlighted were miner extractable value (MEV) bot operations known for exploiting arbitrage opportunities.
The term “insider” refers to an individual accessing material non-public information (MNPI), something MEV bots do not require because they exploit publicly available transaction data. Therefore, without need for MNPI, MEV bots do not fit the traditional legal definition of insider trading.
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