News - Multimillionaire in 10 days: crypto trader gets rich with memecoin

By Mike Hesp

Multimillionaire in 10 days: crypto trader gets rich with memecoin

Wallets and Whales

The crypto trader invested in Iggy Azalea's celebrity coin MOTHER. And became a multimillionaire in just a few days.

$9 million in ten days. That's how much one trader earned with a $3,000 bet. This reports Coindesk.

The trader invested in the memecoin MOTHER on Solana. This is one of the first and most successful celebrity coins to date. The rapper behind it is Iggy Azalea.

The token was launched on Pumpdotfun on May 28, 2024. A controversial launch platform for memecoins, especially on Solana. The platform has been registering strong sales for weeks. It earns one percent in fees on each trade. Each day it generates about US$1.5 million. In some cases, it was more profitable than Solana itself.

The MOTHER top wallet in question has about 5 percent of the total supply, which is currently worth $9.5 million.

The developer's wallet has tokens worth 4 million USD. This one presumably belongs to Iggy Azalea herself. Her memecoin is attracting a lot of attention. But also criticism. Most recently from Vitalik Buterin, the founder of Ethereum.

He is not happy with the entry of celebrities into the memecoin space.

I can respect "financialization as a means to an end" if the end is worthwhile (health care, open source software, art, etc.). I think financialization as an end product is worthless," Buterin said.

In addition to Iggy Azalea, Soulja Boy and Caitlyn Jenner have also launched their own memecoins. However, without success.

Shortly after the launch, there were allegations of insider trading against MOTHER.

The token currently has a total market capitalization of more than US$220 million. It has risen 40 percent in the past 24 hours.

After Dogwifhat, MOTHER is the most successful memecoin launched so far on Pumpdotfun.

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