Iggy Azalea's Memecoin Surges to $28M Amid Controversy Over Sahil Arora's Alleged Scam
Summary:
Australian musician Iggy Azalea launched a memecoin that quickly reached a market cap of over $28 million, outperforming a token by Sahil Arora who faces scam allegations. Azalea denied any association with Arora after he publicized a supposed text conversation between them regarding his new token. Azalea's MOTHER token, developed on the Solana blockchain, debuted hours after Arora's $IGGY. Azalea's token launch faced controversy after an Instagram post raised speculations of her collaboration with Arora; however, it was later revealed that the man in question was her brother.
In a recent development, Iggy Azalea, an Australian performer, launched a memecoin which quickly escalated to a market capitalization exceeding $28 million on May 29, outpacing a similar token initiated by Sahil Arora, who faces accusations of fraudulent business dealings. Azalea publically distanced herself for two days in a row from Arora after he shared a screenshot on Telegram, purportedly showing a text conversation discussing a marketing campaign for his new token. Azalea denies ever having direct communication with Arora and attributes their contact to a single conversation he had with her manager. She added, “Don’t listen to the deceptive fake screenshots and everything, Sahil honey, take your loss and leave.”
This week, there are at least two high-profile personality claims that Arora's celebrity memecoin enterprises are nothing more than scams. Public figures such as Caitlyn Jenner, the Olympian, and Dimitri Leslie Roger, the American rapper known as “Rich the Kid” have made these allegations publically. Azalea's token, dubbed MOTHER and established on the Solana blockchain, was introduced only hours following the initiation of Arora's $IGGY. Even though $IGGY had a powerful start, reaching a market cap of nearly $3 million, it plunged to approximately $158,000 by 11 am UTC on May 29, according to DEX Screener's data. By this time frame, Azalea's MOTHER had risen to a market worth of $18.2 million.
Yet, achieving significant market results might not be Arora’s aim for $IGGY as he has multiple accusations of pump-and-dump schemes, often involving suspected presale scams. Just before the launch of Arora's IGGY, there was a presale, a fundraising method in which investors transfer money to a specified address. The launch of coins on Pump.fun, the memecoin launchpad utilized for IGGY, does not mandate this method. However, this debatable means have led to public scam allegations.
Records from Solscan disclose that as of 10 am UTC, the Solana address Arora used for the presale contained more than $370,000 in Sol. Arora refutes any wrongdoing, stating that those who were unable to correctly time their entries sustained losses. He announced in a previous message exchange, “A lot of people get big from my launches. The ones that don’t become detractors.”
There, nonetheless, have been controversies enveloping Azalea's token introduction. She shared an Instagram story that included two men using computers wherein one appeared strikingly similar to Arora, leading to speculation of a potential partnership between Azalea and the alleged fraudster. Later posts revealing the man's face from a different viewpoint established that the man was actually Matthias Kelly, Azalea's sibling.
Published At
5/29/2024 3:37:25 PM
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