Cashing in on celebrity crypto 💰 After the disastrous fall of Caitlyn Jenner's memecoin and allegations of theft, Sahil Arora is back again with a new scheme - focusing on the former rapper Iggy Azalea.
Iggy Azalea actually launched a memecoin through her own efforts, known as Mother Iggy (MOTHER), rebuking Arora in a series of tweets yesterday.
However, this did not stop the popular crypto promoter from collecting $380K for the presale of his own Iggy Azalea token.
Yet, users have not yet received their tokens from the presale.
Through his Telegram group XO, Arora convinced his followers that Iggy Azalea would be the celebrity partner for his next memecoin, which would be launched through pump.fun.
Although the presale was initially open to just 100 wallets, the number soon ballooned to 700 and finally to 1000.
While Arora's token is still nowhere to be seen, Azalea's MOTHER token performed well at first, reaching a market cap of over $30M, but the price has since fallen by 59.9% today, lowering its market cap back to $8.5M.
Editor's Note: As much as we want celebrities to raise greater awareness about the crypto space and its benefits, it's unfortunate that most of the time, they are involved in rug pulls, pump-and-dumps, and other shady activities. While sometimes it is genuinely not the celebrity's fault and more of bad management, it's time that we really need to step up as sooner or later, more celebrities are coming and we can't be falling for the same tricks every single time. | 
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