According to cryptocurrency analysis firm LookOnChain, a trader turned an investment of about $777,000 into $9.4 million in eight days. LookOnChain says that the trader purchased 50.35 million MOTHER tokens on May 29, 2024, worth around $9.4 million today. The rise in profit translates to a growth of about 1110%.

In just 8 days, this trader turned $777K into $9.4M, earning $8.6M, an ROI of 1110%!

He spent $777K to buy 50.35M $MOTHER from May 29 to Jun 1 and has held it until now, which is worth $9.4M currently.

— Lookonchain (@lookonchain) June 6, 2024

Also Read: Cryptocurrency: Top 3 Memecoins To Watch This Weekend

MOTHER is a Solana-based cryptocurrency project launched by rapper Iggy Azalea. MOTHER has made significant gains following being promoted by the rapper on X. The asset has surged by 37.5% in the daily charts and 1248.7% over the previous week.

Source: CoinGecko

The asset hit an all-time high of $0.2306 on Thursday but has since fallen by 3.8%.

Will Iggy Azalea’s cryptocurrency project continue to rally?

Source: U.Today

Celebrity crypto projects are often not well–received. Azalea has used her X account to constantly promote the new project to her 7.6 million followers. The project has reached a market cap of $200 million after just a week from launch.

Also Read: Cryptocurrency: 3 Coins To Buy Now Before Ethereum Hits $5,000

However, MOTHER holders do not receive payouts from the rapper’s album sales, unlike some royalty-infused NFTs (non-fungible tokens) do. Moreover, they do not have voting rights like other fan tokens carry. MOTHER’s value is purely from its demand. However, while some say the cryptocurrency may continue to climb, there is a possibility that it may tank, given that the asset does not have any utility.

Also Read: Cryptocurrency: 3 High Potential Coins To Buy For Guaranteed Profits

Nonetheless, Solana-based memecoins have done very well over the last year. Bonk (BONK), dogwifhat (WIF), and BOOK OF MEME (BOME) are among the best-performing cryptocurrency assets of the last few months. Moreover, memecoins seem to be surging of late, with PEPE, WIF, and BONK hitting new peaks over the last few months.


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