- The notoriously off-base financial analyst Jim Cramer strikes again.
- Cramer meets the crypto-friendly rapper Iggy Azalea at the NYSE.
- Australian rapperโs crypto skyrocketed by 1,947% since inception.
The controversial CNBC Mad Money host Jim Cramer has shocked the cryptosphere by posting a photograph with Australian rapper Iggy Azalea on his official X account. The unconventional pair were pictured together on the trading floor of the New York Stock Exchange (NYSE) right after the opening bell.
Concerned Traders Are Calling BTCโs Top
Azalea has recently made waves in crypto due to her nonstop and often absurd tweets about the industry. She eventually gave birth to a Solana-based meme coin, Mother Iggy (MOTHER). Several celebrity-themed meme coins have driven buzz over the past few weeks, resulting in crypto industry professionals issuing warnings against the risky trend.
Cramerโs financial advice is known for being dramatically inaccurate, so cryptocurrency aficionados on X were quick to call the surprising post a sign of Bitcoin (BTC) topping out. Back in March, Cramer openly mocked BTC, claiming a huge sell-off was coming. However, he was once again a witness to the crypto industry staging a swift recovery hours after his message.
Immense Backlash Doesnโt Stop Iggy Azalea
Ethereum (ETH) founder Vitalik Buterin has drawn attention to the looming risks tied to celebrity-themed and heavily endorsed meme coins. Buterin singled out celebrity meme coins with little to no utility.
Analysts have spotted a discrepancy between Azaleaโs claims about ownership. Despite claiming to own only 3% of the total supply of MOTHER, a community note on X openly suggests that the rapper might be purposefully misleading her audience about the token. According to several reports, insiders grabbed about 20% of the MOTHER token minutes before Azalea announced the coin on the platform.
Azalea continues to endorse her MOTHER coin, with the latest promotion occurring on the NYSE. Azalea comfortably sat in the Bitcoin monitoring room to speculate about her coin reaching a $300 million market cap by the end of the day. When asked if she could grow her token to that range, she said, โOf course I can,โ followed by a confident smile.
On the Flipside
- Jim Cramer and Iggy Azaleaโs publicity stunt didnโt immediately affect Bitcoinโs (BTC) price.
- Iggy Azalea claims that her meme coin has a substantial utility case in a co-owned telecommunication company.
Why This Matters
Celebrities and public figures getting into crypto impose additional risks due to frequent rug pulls, but they also open a public discussion for blockchainโs swift adoption and clearer regulation.
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