Iggy Azalea MOTHER Token Skyrockets 27% After Major Announcement
June 11 2024 - 12:00AM
NEWSBTC
Australian rapper Iggy Azalea and her cryptocurrency venture, the
Mother Iggy (MOTHER) token, have garnered significant attention in
the crypto industry due to its rapid popularity and a more than
140% spike in its first week of trading. However, after its
initial surge, the token experienced a substantial price
correction, leading to a decline from its record price of $0.2490,
reached on June 6. On Friday, the token retraced to as low as
$0.1155 after reaching its record high. In a recent social media
post on Sunday, Iggy Azalea revealed plans to revive a co-founded
telecommunications company, triggering a 27% surge in the MOTHER
token’s price and potentially signaling a continuation of the
recent uptrend. Iggy Azalea MOTHER Tokens Accepted For Phone
Purchases In her social media post, Azalea revealed plans to
resurrect a co-founded telecommunications company, allowing MOTHER
and Solana (SOL) token holders to utilize their tokens for
purchasing phones or monthly cell plans. Related Reading:
Solana Searching For Direction: Will SOL Break Free Or Fall Flat?
Azalea also revealed that technology company Sphere Labs will
handle the payment infrastructure for these transactions, while
Unreal Mobile will provide the phone services. Azalea
mentioned that users will have access to a selection of phones for
purchase. She also revealed that the company will have an
advertising campaign and a launch later this week. Azalea further
stated: Roll out campaign and advertising, etc. all begin and
continue throughout the week so you’ll see me posting more of that.
But don’t forget this is just a convenient side mission for me and
not my main vision for what will drive mother. From Scam Threat To
Crypto Vision According to a report from Fortune Magazine, the
launch of Mother Iggy’s token was accidental and strategic. Azalea
took action after discovering a scammer on Telegram using her name
to launch a memecoin. Determined to combat this fraudulent
activity, she launched her token within a shorter time frame. Per
the report, Iggy Azalea has been observing the crypto industry
since 2020 and recognized the potential in non-fungible tokens
(NFTs) and Web3 art projects. Memecoins resonated with her as they
aligned with her familiarity with viral content and memes
throughout her career. Contrary to the negative perception
surrounding celebrity-backed coins, Iggy Azalea emphasized her
intention to establish long-term utility for the MOTHER token. The
Australian singer sees the “celebrity buzz” as an opportunity for
the retail industry to engage with the Solana blockchain. Related
Reading: Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish
Network Recovery In addition to integrating with her phone data
provider startup, Azalea intends to integrate MOTHER tokens as a
gifting and crowdfunding platform. Ultimately, her goal is to turn
Mother Iggy into a stablecoin, which she considers the “holy grail”
of accomplishments. The MOTHER token is currently trading at
$0.1897, indicating a 20% decline from its record levels. The token
has observed a 25% trading volume in the past 24 hours, reflecting
ongoing market activity and investor interest. Featured image from
Shutterstock, chart from TradingView.com
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