- The market cap of Iggy Azalea’s meme coin, MOTHER, peaked at $50 million.
- Five hours after MOTHER launched, a trader turned $861 into $509K.
With the introduction of her own meme coin, MOTHER, well-known rapper Iggy Azalea created quite a stir in the cryptocurrency community. According to Solana Floor, the coin’s introduction was nothing short of remarkable; at its height, its market capitalization was $50 million.
This outstanding accomplishment emphasizes how influential celebrities are becoming in the cryptocurrency space and how they may generate a lot of investor interest.
REPORT: @IGGYAZALEA launched her own meme coin $MOTHER which reached $50M marketcap at peak.
Within 5 hours of the launch this trader turned $861 into $509K, a gain of 59000%
A trader spent 5.14 $SOL($850) to buy $MOTHER and sold it for 3,035.5 $SOL($509K). pic.twitter.com/W5dUZMXXWG
— SolanaFloor (@SolanaFloor) May 29, 2024
Unbelievable Gains: Trader Turns $861 into $509K in Hours
A smart trader turned a $861 initial investment into a startling $509,000 in less than five hours after MOTHER was launched. The trader bought MOTHER tokens for 5.14 SOL (about $850) and sold them for 3,035.5 SOL, or $509,000 at the time of the transaction. The 59,000% increase is proof of the erratic and maybe profitable character of meme coins in the present crypto market.
On the other hand, ETHNews has already reported the emergence of additional meme coins on the Solana blockchain, particularly those with the names of US presidential candidates STRUMP and BODEN. In the tense campaign for the next US president, these coins saw substantial value gains.
Together with MOTHER, these coins have shown how popular meme coins are and how appealing they are to a wide range of investors seeking high-risk, high-reward prospects.
Solana’s Growing Meme Coin Ecosystem in May 2024
The Solana network’s popularity of MOTHER is a reflection of a wider pattern that has seen a significant rise in meme coin activity in May 2024.
Meme currencies have proliferated because Solana is a popular platform for introducing new tokens because of its low transaction fees and quick processing times.
Meanwhile, as of writing, SOL is valued at about $172.07, slightly up 0.90% in the previous 24 hours, according to CoinMarketCap data. Furthermore, it shows a 6.19% bearish position throughout the previous 7 days.