The cryptocurrency market started to partially recover after the US CPI came in below expectations. Bitcoin, the leading crypto, rose to $59,000 in the first reaction, but then fell. However, the meme coin market is not without surprises. Australian rapper Iggy Azalea’s MOTHER token jumped over 50 percent after partnering with DWF Labs
DWF Labs shakes hands with Iggy Azalea, meme coin price skyrockets!
As you have been following on Kriptokoin.com, the market continues to consolidate in search of a new catalyst. The cold US CPI pushed the market up, but this was limited. However, there are those who made their investors smile with the good news they received. In a social media post on Thursday, Australian rapper Iggy Azalea took a deeper dive into crypto with a partnership with crypto market maker DWF Labs. DWF Labs announced the partnership with the Australian rapper in a post on X without giving any details about the partnership. The announcement sent the meme coin MOTHER skyward.
MOTHER made a vertical ascent after DWF Labs’ post. The meme coin rose as much as 50% to $0.0479 from its intraday high of $0.029. Meme coin then lost some altitude but was still trading at $0.0451, up 45%.
As you have been following on Kriptokoin.com, Iggy Azalea launched the controversial token with modest fanfare in late May. However, shortly after its launch, the token soared significantly, turning its early holders into millionaires overnight, although many in crypto circles questioned its legitimacy. Last month, the rapper said MOTHER token holders would soon be able to buy cell phones and telecom plans from Azalea’s planned telecommunications company.
“Famous crypto tokens will ‘definitely’ get the SEC’s attention!”
Celebrities who have recently created and promoted meme coins on Solana may be in violation of securities laws and “will certainly attract the attention” of the US securities regulator, according to lawyers. US-based celebrities, including Caitlyn Jenner, Iggy Azalea, Jason Derulo and others, have launched and promoted crypto tokens using their likenesses since late May.
The tokens were all launched on Solana-based meme coin creation platform pump.fun. Jenner and Derulo claimed that alleged serial scammer and celebrity memecoin promoter Sahil Arora helped create their Caitlyn Jenner (JENNER) and Jason Derulo (JASON) tokens. Crypto analytics firm Bubblemaps claimed to have witnessed on-chain “insider trading” activity at the launches of each of the tokens, including Azalea’s Mother Iggy (MOTHER) token, which Arora was not involved in, with some wallets profiting millions of dollars.
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