Iggy Azalea’s Mother Iggy (MOTHER) token experienced a significant surge following a major announcement regarding its practical application.
Holders of the MOTHER memecoin will soon be able to purchase smartphones and mobile phone subscriptions through Azalea’s newly relaunched telecommunications company.
In a post on June 9, Azalea revealed the revival of her old telecom business, stating, “Tomorrow, I’m finally relaunching the telecommunication company I co-founded, and you will be able to purchase phones or month-to-month cell plans using MOTHER or Sol.”
This announcement caused the MOTHER token to jump over 30% within 24 hours, reaching $0.1958, according to CoinMarketCap.
This price spike comes amid plans to launch an ad campaign for the company’s relaunch, which is expected to generate additional buzz and potentially drive further interest in the MOTHER token.
Despite the excitement around MOTHER, the broader memecoin market hasn’t mirrored its success.
Data from CoinMarketCap indicates that overall trading volumes for meme coins fell by 12.8% to $5.46 billion over the same period.
Popular tokens like Pepe (PEPE), Bonk (BONK), and Book of Meme (BOME) all experienced double-digit losses in the past week.
Memecoins generally thrive on social media hype rather than intrinsic value, often leading to significant price volatility.
This trend is evident as other celebrity-launched meme coins struggle.
Caitlyn Jenner’s JENNER token has dropped over 75% since its peak on May 28, while Timeless Davido (DAVIDO), launched by Nigerian singer David Adedeji Adeleke Oon, is down 77% from its high on May 30.
