Iggy Azalea’s mom memecoin wins scandal-filled IGGY
Australian musician Iggy Azalea's recently launched memecoin topped $28 million in market capitalization on May 29, surpassing the token named after Sahil Arora, who has been accused of fraud.
After Aurora posted a screenshot on Telegram, Azalea distanced herself from Aurora for the second day in a row. The script appeared to reveal a text message in which the artist discussed a social media campaign for the new token.
Azalea said she had “one phone conversation” with her manager and “didn't even talk to the guy.”
“Also, don't believe the bullshit fake screenshots… take your Sahil baby Elo,” Azale said on X.
This week, at least two members of the public have accused Aurora's famous memecoin projects of being scams. Olympian Caitlyn Jenner and American rapper Rich The Kid (Dimitri Leslie Roger) have publicly filed these allegations.
Azalea's token, called Mother and built on Solana's blockchain, was first launched hours after Aurora launched IGGY.
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IGGY had a strong debut, quickly reaching a market capitalization of nearly $3 million, but fell to $158,000 as of 11 a.m. UTC on May 29, according to DEX Screener data.
Azalea's mother has a market value of $18.2 million at the same time.
But strong market performance may not be Arora's target, as he has been accused of multiple pump-and-dump schemes, often involving pre-sale fraud.
Aurora's IGI startup has also previously offered a pre-sale of a crowdfunding method where investors send money to a specific address.
This method is not a requirement to launch coins on Pump.fun, used memecoin launcher IGGY. The dubious method has led to public accusations of fraud.
Solscan records show that Aurora, the Solana address used for the presale, has more than $370,000 in Solana SOL (SOL) as of 10am UTC.
Arora denied the allegations of cheating, saying people were “burnt because they couldn't give time to burnt records”.
In an earlier exchange, Arora told Cointelegraph, “A lot of people are making big things out of my startup. “Few Don't Hate”
RELATED: Caitlyn Jenner Joins Rich the Kid, Saying They're ‘Scammed'
Azalea's token launch was not without controversy.
She posted an Instagram story of two people working on a computer, one of whom bore a striking resemblance to Aurora.
This has fueled speculations of a possible collaboration between Azalea and the suspected con artist.
However, subsequent posts showing the man's face from different angles reveal that the individual in question is actually Azalea's brother, Matthias Kelly.
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