Rapper Iggy Azalea's foray into the crypto world continues to make waves. Her MOTHER token, launched on the Solana blockchain, experienced a significant price increase shortly after its debut. This upward trend coincided with Azalea adopting a custom profile picture (PFP) from the popular Solana NFT collection, Mad Lads.
On Friday, Azalea debuted a unique Mad Lads PFP, an honorary avatar based on her likeness. Mad Lads holds the title of the most valuable Solana NFT collection, with individual pieces fetching over $10,300 worth of SOL on secondary markets. The SOL price has recently risen, helping to drive the total expansion of the Solana blockchain and NFT ecosystem. Azalea's presence in this sector has boosted the popularity of Solana and NFTs, gaining new followers.
Following this change, Azalea's MOTHER token skyrocketed to a record-breaking price of $0.08952 on Saturday, pushing its market cap to a staggering $88.7 million. While the price dipped by half later that weekend, it rebounded significantly on Monday, nearly reaching its previous high before settling at a current price above $0.72. This translates to a market cap exceeding $70 million, reflecting a 34% increase within a single day.
Azalea's initial entry into the crypto market was met with controversy. Sahil Arora promoted a separate, unrelated token with the "IGGY" symbol prior to launching her MOTHER token. This promotion resulted in $380,000 being collected in presale funds. Azalea quickly distanced herself from Arora, publicly calling him out on social media. This display of transparency and commitment to her own project resonated with crypto traders, who appreciated her efforts to ensure MOTHER wasn't just a fleeting pump-and-dump scheme.
Nearly a week later, Azalea remains actively engaged on crypto Twitter. She continues to share memes and utilize her custom PFP, with signs suggesting continued potential for the MOTHER token's value to climb further.
