A cryptocurrency investor who managed to make a whopping $920,000 profit while betting on Iggy Azalea’s $MOTHER meme-inspired cryptocurrency is now betting on a new memecoin $RETARDIO.
The crypto investor’s movements were first spotted by a cryptocurrency analyst on the microblogging platform X (formerly known as Twitter), who noted that the investors has, over a 14-hour period, spent 7,686 SOL worth around $1.11 million to buy $RETARDIO by using the dollar-cost averaging (DCA) feature on the popular Solana-based decentralized trading platform Jupiter.
According to the analyst, the trader spent $708,000 to buy the tokens at an average price of $0.15 per token, and has kept on accumulating. Market data shows that while the cryptocurrency at one point over the past seven-day period hit $0.2, it’s currently trading at $0.158.
The $RETARDIO token is based off of an offensive term used in a now-deleted tweet from Polymarket, but it has since evolved into a meme embracing a rebellious and non-conformist ethos on individual empowerment.
It has seen significant community-driven growth and has its own non-fungible token (NFT) collection, the “Retardio Cousins.”The investor’s allocation is relevant given their past bet on Iggy Azalea’s Mother Iggy ($MOTHER) token.
Azalea actively promotes the MOTHER token on her social media channels, using her 8 million followers on X to create buzz and interest through engaging and provocative posts that have kept the community highly active and involved with the token, garnering significant attention and experiencing rapid price increases.
Azalea has integrated the MOTHER token with real-world applications. Specifically, she is relaunching her telecommunications company, allowing users to purchase mobile devices and monthly subscription plans using the MOTHER token or Solana (SOL). This integration aims to provide some practical use cases for the token, potentially boosting its value and appeal.
Featured image via Pixabay.
