Iggy Azalea to Burn Her $MOTHER Memecoins to Build Trust Amid Insider Trading Allegations

Pop star and new crypto enthusiast Iggy Azalea has stated that she will “burn” her own coins whenever a celebrity coin is exposed as a scam, a “rug pull.”

She claims her goal is to build trust and integrity in the crypto community to want to distinguish herself from other controversial celebrity coins.

“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.”

Azalea stated in an X Space talk on May 30.

Azalea also discussed her entry into the crypto space, stating that it was motivated by her partner’s interest in technology and the appealing culture of memecoins.

“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.”

“I think it’s awesome to aim for something positive,”

Azalea stated during the X Space.

The artist also mentioned her plans to keep her coin’s value stable by securing a market maker soon.

Meanwhile, Azalea’s newly launched memecoin on Solana, Mother Iggy (MOTHER), has been accused of insider trading. Blockchain analytics platform Bubblemaps claimed insiders acquired over 20% of the token’s supply at launch before Azalea promoted it, already dumping $2 million worth of tokens before the allegations came to light.

Azalea has yet to get a formal response to the allegations, as of press time. However, the meme coin’s official X account posted that more than 2 million tokens have been burned.