Iggy Azalea’s anti-cheat plan: burn her own coins
Pop star and newly minted crypto star Iggy Azalea has announced that she will be burning her own coins when celebrity coins are known to be scams (“carpet”).
Her strategy is to build trust and credibility in the crypto community and differentiate herself from other controversial celebrities.
“I think just wanting to be something positive is a fire,” Azalea said on X-Space.
The Iggy memecoin will burn
“Every time they start shaking I want to burn some of mine because I'm a local celebrity and I know they hate me for being here. So every time a celebrity comes along, I burn some and it looks like a carpet, obviously. I'm just going to burn.”
Azalea talks about her early involvement in crypto and her motivation to become part of the culture in the X space:
“Honestly, no one is ashamed of me. Matt just loves crypto and honestly, [he] He doesn't just shut up about any technology or innovation. […] I didn't think NFTs were something I could get into, but memecoin includes so many more transitions like internet culture and memes and things that I love so much.
The multi-talented artist discussed her plans to maintain the integrity of her coin by trying to “have a market maker at the end of tomorrow.”
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Mother charged with insider activity.
Despite these efforts to bring legitimacy to her memecoin – dubbed Mother Iggy (mother) – Bubblemaps recently reported that insiders bought a large part of the token's supply.
Prior to announcing the launch of supply audit tool platform Azalea Mother, insiders said they bought “20% of the supply at launch”. The holdings were then dumped for $2 million before the announcement.
Could the MEV bots be to blame?
However, X user Dominion recently denied a similar insider trading claim made by Loonchain on May 21. Instead, Dominium said the highlighted transactions are characterized by exploiting minable value (MAV) arbitrage opportunities.
The term “insider” refers to an individual with access to non-public information (MNPI), which MEV bots do not need because they use publicly available transaction data. Therefore, without the need for an MNPI, MEV bots do not fit the traditional legal definition of insider trading.
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