Iggy Azalea's MOTHER Token Soars 30% After Utility Announcement

Iggy Azalea's MOTHER Token Soars 30% After Utility Announcement

Iggy Azalea’s newly launched cryptocurrency, the Mother Iggy (MOTHER) token, has experienced another dramatic surge following a surprising announcement about its real-world utility. The Australian rapper revealed that holders of the MOTHER memecoin will soon be able to purchase mobile phones and monthly cellphone subscription plans, coinciding with the relaunch of her old telecommunications company.

Azalea took to the social media platform X on June 9 to share the exciting news: "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 ignited immediate interest in the MOTHER token, driving its value up by over 30% within 24 hours, according to CoinMarketCap data. MOTHER is currently trading at $0.1631, and is down 17.3% in the past 24 hours amid a wider market selloff. However, the token has gained 120% in the past week.

Azalea also hinted at a forthcoming advertising campaign for the telecom company’s relaunch, set to begin this week. This campaign is expected to generate additional social media buzz and potentially further boost the memecoin’s value. By linking the token to real-world products and services, Azalea is attempting to bridge the gap between digital currencies and everyday consumer transactions.

Despite the significant intraday surge of the MOTHER token, the broader market for meme tokens remains largely unaffected. According to CoinMarketCap data, the total trading volume of meme tokens fell by over 12.8% to $5.46 billion in the past 24 hours, indicating a general slump in interest. Several popular memecoins have experienced notable losses over the past week. The Pepe (PEPE) token dropped 17%, Bonk (BONK) fell over 20%, and Book of Meme (BOME) also decreased by more than 20% during the same period.