Iggy Azalea, the Australian rapper behind the hit single 'Fancy', has come out in defense of her meme coin, Mother Iggy (MOTHER), in a recent interview with Fortune. Despite the criticism from some quarters, Azalea insists that she is not a 'rug-puller' and is genuinely committed to making her cryptocurrency viable in the long term.

Azalea revealed that she had been observing the crypto market since 2020 before launching her own coin, and was compelled to act when a fraudster attempted to promote another meme coin by impersonating her. The MOTHER meme coin, launched in late May, created a buzz due to its significant gains and Azalea's frequent social media posts. The market cap of the Solana-based MOTHER surged to nearly $250 million after a large number of tokens were purchased by a whale.

However, like most meme coins, Iggy Azalea's token lacks any value proposition. Despite the hype, the cryptocurrency has attracted many critics, including Ethereum co-founder Vitalik Buterin. Buterin criticized the new wave of celebrity meme coins for their lack of utility, which led to a quick response from Azalea in the form of a meme. Despite the criticism, Azalea remains undeterred, arguing that peace is not profitable for meme coins and telling her critics to step aside.

Azalea plans to transform her meme coin into a stablecoin, which would give it a more practical use case and make it more attractive to investors. This move would also help to address some of the criticisms leveled against her coin, such as its lack of utility. By transforming her meme coin into a stablecoin, Azalea would be able to demonstrate her commitment to making her cryptocurrency a viable investment opportunity.

In conclusion, Iggy Azalea's defense of her meme coin, Mother Iggy, is a testament to her commitment to the cryptocurrency market. Despite the criticism she has faced, Azalea remains undeterred and is working to transform her meme coin into a stablecoin. This move would give her coin a more practical use case and make it more attractive to investors. As the cryptocurrency market continues to evolve, it will be interesting to see how Azalea's coin performs and whether she is able to overcome the challenges she has faced.