June 5, 2024
burn coins
People in Crypto

Iggy Azalea Burns Her Own Coins to Battle Crypto Scams

Building Trust in the Crypto Community

Pop star and rising crypto enthusiast Iggy Azalea has announced a bold initiative to burn her own coins whenever a celebrity-endorsed coin is identified as a scam, commonly known as a “rug.” This move aims to foster trust and integrity within the crypto community, distinguishing Azalea from other controversial celebrities involved in the space.

“I just think it’d be fire to want to be something positive,” Azalea stated during an X Space session. She elaborated on her plan: “Every time they start rugging, I just want to burn some of mine because I’m a celebrity in the space, and I know I’m going to get hated on for being here. So I’m just going to burn some every time someone comes that’s a celebrity, and it’s looking like it’s clearly a rug. I’m just gonna burn.”

Embracing the Crypto Culture

Azalea also shared her journey into the crypto world, highlighting her organic entry into the culture. “Honestly, nobody really onboarded me. Matt just likes crypto, and honestly, he just doesn’t shut up about any type of technology or new thing. […] NFTs didn’t feel like something that I could fit within, but memecoin involves so much more shitposting and memeing and stuff that I really like, like that kind of culture of the internet.”

The artist is committed to maintaining the integrity of her own coin, named Mother Iggy (MOTHER). She mentioned her efforts to secure a market maker swiftly, stating she aims to “have a market maker by the end of the day tomorrow.”

Controversy and Clarifications

Despite Azalea’s proactive measures, her memecoin faced scrutiny when Bubblemaps alleged that insiders had purchased a significant portion of MOTHER’s supply at launch. According to Bubblemaps, these insiders acquired “20% of the supply at launch” and later sold their holdings for $2 million before the official announcement.

In response to similar claims, X user Dominium argued that the highlighted transactions were actually operations by miner extractable value (MEV) bots, known for exploiting arbitrage opportunities, rather than insider trading. The term “insider” refers to individuals with access to material non-public information (MNPI), which MEV bots do not require as they use publicly available transaction data.

A Commitment to Transparency

Iggy Azalea’s decision to burn coins in response to scams represents a significant step towards promoting transparency and trust in the crypto community. By differentiating herself from other celebrities and actively engaging with crypto culture, Azalea aims to establish a positive presence in the space. While her memecoin, MOTHER, has faced challenges, her commitment to integrity and proactive measures may set a new standard for celebrity involvement in cryptocurrency.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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