Commitment to Integrity

Pop star and crypto enthusiast Iggy Azalea has announced earlier today that she will burn her own coins whenever a celebrity coin is identified as a scam, commonly called a “rug.” This move aims to build trust within the crypto community and set her apart from other controversial figures in the space.

“I just think it’d be fire to want to be something positive,” Azalea said during an X Space discussion. She explained her approach, stating, “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.”

Entering the Crypto World

Azalea shared insights into her journey into the crypto world. She revealed that her initial involvement was driven by her partner, Matt, who is passionate about technology. “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,” she explained.

Her memecoin, called Mother Iggy (MOTHER), is her latest venture in the crypto space. Azalea emphasized her efforts to maintain the integrity of her coin by securing a market maker quickly.

Controversy and Clarifications

Despite her efforts to legitimize MOTHER, the supply auditing tool Bubblemaps recently claimed that insiders purchased a significant portion of the token’s supply at launch. Allegedly, these insiders bought 20% of the supply before Azalea announced the launch and then sold it for $2 million.

However, these claims were challenged by X user Dominium, who argued that the highlighted transactions were operations by miner extractable value (MEV) bots, not insider trading. Dominium clarified that MEV bots exploit publicly available transaction data for arbitrage opportunities, which does not require material non-public information (MNPI).

Iggy Azalea’s decision to burn her own coins as a safeguard against scams is a significant step in her crypto journey. By taking this stand, she aims to bring a new level of trust and integrity to her memecoin, Mother Iggy. As the debate over insider trading versus MEV bot activities continues, Azalea remains focused on her goal to be a positive force in the crypto community.

Image credits: Instagram