Mother Iggy (MOTHER), a new meme cryptocurrency that was launched by Australian rapper Iggy Azalea, skyrocketed by more than 120% earlier Thursday, reaching a new all-time high of $0.2306, according to CoinGecko data.

The cryptocurrency's fully diluted valuation has now reached almost a quarter billion dollars.

The most recent price spike came after a whale withdrew $1.54 million worth of Solana (SOL) from Binance in order to purchase 8.6 million MOTHER tokens at $0.1789, according to crypto analytics firm Lookonchain. 

For now, the newly launched token is only available on some minor cryptocurrency exchanges such as HTX, MEXC, and CoinEx. However, it is quickly gaining traction with additional exchanges.

Meanwhile, Azalea, who achieved massive success with her chart-topping hit "Fancy" in 2014, remains the talk of the town in the crypto world. On Wednesday, Ethereum co-founder Vitalik Buterin weighed in on the celebrity meme coin bonanza, claiming that he was "unhappy" about the latest cryptocurrency trend. In response, Azalea mocked the Ethereum co-founder by posting a meme showing herself holding a baby with Buterin's head in an apparent reference to her viral meme coin. 

The 33-year-old rapper keeps actively engaging with the cryptocurrency community. She recently shared a social media post that compares the up-and-coming celebrity coin to already established meme coins (such as dogwifhat or Pepe) that can boast listings from major cryptocurrency exchanges and multibillion-dollar valuations. 

Of course, she keeps her followers entertained with hilarious memes about the meme coin's performance. 

For now, dogwifhat remains the biggest Solana-based meme coin with a valuation of more than $3.3 billion.