Iggy Azalea launches $IGGY crypto coin

Iggy Azalea has stirred controversy online by sharing several cryptic tweets before announcing her plans to launch her own cryptocurrency.

In a series of posts on X dating back to May 28, Iggy initially tweeted, “Who’s Solana?.../I don’t know that b****,” referencing Solana, a blockchain platform known for its proof-of-stake mechanism and its native cryptocurrency, SOL.

Iggy later revealed her intention to launch her own coin, $IGGY, on Ethereum, sharing a presale link with her fans and stating that the minimum purchase price was 0.1 ETH and the maximum was 1 ETH.

The "Fancy" singer continued with tweets urging her fans, “Don’t disappoint your mother…” and sharing photoshopped images of herself wearing a shirt that says “I love Solana.”

Fans have accused Iggy of engaging in a pump-and-dump scheme, a tactic where celebrities hype a cryptocurrency to inflate its price, then sell off their holdings at the peak, leaving fans with devalued coins and significant losses. This tactic is common among celebrities involved in crypto due to the unregulated nature of the market.

In response to these accusations, Iggy wrote: “It’s not bout to happen how yall thought - I actually f*** with yall, be back later.”

This isn't the first time Iggy has been involved in crypto controversies. Earlier this week, alleged scammer Sahil Arora launched another crypto project using Iggy’s name, generating $300K in presale value.

Posts from Azalea’s X account distanced the artist from Arora’s presale on Tuesday while adding that a crypto project had been planned.

“Basically I was interested in making a legit coin with utility but Sahil tried it n thought I wouldn't see his weirdo lil presale telegram shit,” read a now-deleted post from Azalea’s account.