Iggy Azalea Launches Extremely Dubious Crypto Literally Minted by Company Called "Pump.Fun"

Iggy Flop

In an apparent attempt to stay relevant and possibly find new ways to pay her bills, rapper Iggy Azalea has launched an extremely dubious cryptocurrency scheme to sell phones and data plans — in the year 2024, when the wind has largely gone out of the sails of blockchain tech.

Last month, Azalea launched a crypto token dubbed "MOTHER" — whether she herself is "mother" is debatable, as it's a term usually reserved for a small group of feminine icons — that can soon allegedly be used to purchase phones from the musician's telecommunications company, which doesn't actually exist just yet.

"Tomorrow I’m finally relaunching the telecommunication company I co-founded and you will be able to purchase phones, or month to month cell plans using $MOTHER or Sol," Azalea tweeted over the weekend.

"Ad campaign n rollout to follow late this week," she added. "Exciting."

If any of this is raising alarm bells for you at this point, you'd be forgiven. We've seen our fair share of dubious token launches over the years, including plenty of "rug pulls," outright scams, and questionable NFT collections that have cost celebrities millions, among many other failed crypto ventures.

In short, there are plenty of reasons to stay far away from Iggy's attempt to cash in. As CoinDesk points out, MOTHER doesn't promise investors a return or any future payouts. It's a bottom-shelf memecoin that relies entirely on hype.

https://twitter.com/jimcramer/status/1800893795346637193

Celeb Scam

Azalea is definitely trying to hype up the project, posing for an incredibly awkward photo with TV personality and CNBC host Jim Cramer, which quickly made its rounds on social media today.

And so far, the price of MOTHER has risen considerably since it was first launched on May 29, making at least one extremely lucky investor a multimillionaire, as CoinDesk reports.

The token was coined by Pump.Fun, a sketchy memecoin platform that allows practically anybody to launch tokens without any upfront liquidity. According to Blockworks, traders have lost plenty of money on the platform already, despite Pump.Fun claiming its strict policies prevent rug pulls.

In other words, it's not much more than a platform that sells questionable get-rich-quick crypto schemes in the form of celebrity-endorsed meme tokens. Case in point, Caitlyn Jenner reportedly launched her own memecoin called JENNER last month, which was met with plenty of confusion and outright disbelief.

Nobody knows where Azalea's dubious crypto scheme will go from here. While its valuation has risen from under $10 million to over $200, there are zero guarantees the entire thing won't implode like a house of cards at any moment.

And given how countless other memecoins have previously fared, it's a pretty safe bet that it will.

More on memecoins: Execs of Top Meme Coin Charged With Spending Customers' Money on Luxury Cars