In-depth analysis of MOTHER celebrity coin: Is it the new favorite of cryptocurrencies or a new pitfall?

Author: TPAN Source: substack Translation: Shan Ouba, Golden Finance

Today's topic is about what is probably the most popular/least popular memecoin. That being said, there are things we can learn from Iggy's strategy, and maybe MOTHER is more than what it seems.

Also, I hold some MOTHER coins and am lucky enough to be able to get involved early, ride this roller coaster, and objectively observe the chaos to see if we can learn anything from it.

What is Celebrity Coin and MOTHER?

Celebrities have been involved in crypto and Web3 for a long time, often associated with scams and "runaway" incidents. When NFTs became popular a few years ago, many celebrities jumped at the opportunity but failed to commit consistently, and now they are almost no longer involved in the NFT field. For example, Cristiano Ronaldo's NFT collection released exclusively on Binance only sold for $9,000 as of yesterday.

As NFTs fell out of favor, memecoin quickly filled the gap. With tools such as pump.fun, anyone can easily issue memecoin. Celebrities naturally jumped at the opportunity to make a quick profit.

Over the past week and a half, we’ve seen a wave of celebrities enter:

• Caitlyn Jenner (May 26)

• Rich The Kid (May 27)

• Iggy Azalea (May 28)

• Moneybagg Yo (post has since been deleted)

• Lil Pump (May 29, post has since been deleted)

• Trippie Redd (May 29, post has since been deleted)

• Davido (May 29)

(Please refer to the tweet)

So, how are they doing?

Iggy’s MOTHER coin is an exception, with a market cap of $191 million as of this writing.

Wait, who is Iggy Azalea?

Iggy Azalea is everyone’s favorite Australian female rapper from the 2010s, with hit singles like “Fancy” and “Black Widow.”

Why did all the other celebrity coins underperform, while MOTHER rose steadily over the same time frame?

The simple answer is: she stayed committed to the project.

Almost all of these celebrities gave away the tokens they launched (in the process of selling them and making 6-7 figures), and many quit within the first day.

I know it’s ridiculous to call a celebrity who launched a memecoin that lasted for 10 days “committed.” Most New Year’s resolutions last longer than 10 days, haha. But in a world where we often view things in absolute terms, this is actually (sadly?) impressive in relative terms. That can’t be ignored.

How does Iggy stay engaged in this space?

Reminder: we are talking in a relative sense, Iggy is new.

Iggy's X account is dedicated to MOTHER

Look at her X account, it is all about MOTHER and has deleted all posts before May 29th, the day of the token launch. Sounds simple, but remember she has 7.6 million followers and has posted 2,245 posts about MOTHER (including retweets, quotes, etc.).

Directing her traffic to CelebrityCoin

While X is the main focus because it fits with the audience, Iggy also placed a link to MOTHER's Telegram channel on her Instagram and paused her OnlyFans to direct fans to the Telegram channel.

(She is one of the highest-earning OnlyFans creators, by the way, that's awesome)

Interacting with the community

Iggy appears in Spaces in multiple communities. I happened to listen once (starting at minute 12) and I have to admit, she seemed genuinely sincere. Here are some key takeaways:

• She’s learned more about crypto and Web3 from her business manager but wonders “what’s more there?”

• She shares some valuable insights on friction points by getting her friends onboarded. If you’re building a consumer wallet or exchange product, this might be a point worth doubling down on:

• How do I buy Solana?

• What is slippage?

• Many high-profile people have contacted her through her manager and she plans to work with them

• She wants to focus on other sources of income rather than selling tokens, which is unsustainable

• Will launch 2 non-crypto projects (mobile web and digital gifts/crowdfunding) in the next few weeks, and both projects will integrate crypto payments, including MOTHER

• She is a digital native and goes home every day at lunch to chat online and browse music forums

• Plans to attend Solana Breakpoint

In Telegram chats, Iggy often interacts with the community and replies via voice messages.

Making the Most of Bad Actors Among Your Peers

Last week, Iggy launched an initiative where she would destroy some of her own tokens if any celebrities dumped their memecoins. Earlier today, Hulk Hogan became a new member of the club, which means one thing:

Proof of Burn Transactions

This move turned an otherwise negative event into one that has a positive impact on different communities. Might as well make the best of a bad situation.

The results are yet to be revealed

With the number of low-quality celebrity coin scams that have emerged, it is natural that people should be skeptical of them. Both Vitalik and Hayden Adams have spoken out against this latest trend, and I agree with them.

Interestingly, Iggy has just launched the MOTHER website, and items can only be purchased with MOTHER. This is one of many steps to move things in the better direction that Vitalik talks about.

Can Iggy and MOTHER swim against the tide? Time will tell.