Australian rapper Iggy Azalea has announced that her newly launched MOTHER token will soon be usable for purchasing smartphones and cell plans through her telecommunications company.
This innovative move aims to enhance the utility of the cryptocurrency, which was introduced on the Solana blockchain less than a month ago.
MOTHER Token Gains Traction – A Burn Rate and Merchandise Store
The development is part of Azalea’s strategy to integrate the viral cryptocurrency into everyday transactions, following the token’s significant 18% increase in value over the past 24 hours, a stark contrast to the 0.3% decline in the broader crypto market.
Iggy Azalea announced plans to relaunch a telecommunications company she co-founded, with the innovative twist of allowing purchases of phones and monthly cell plans using the MOTHER token or Sol.
This move adds tangible utility to the MOTHER token, which previously fueled a rally when a merchandise store was announced last week.
The store offers items like shirts and hats, purchasable with MOTHER tokens. In response to criticisms and accusations of a potential rug pull, Azalea has committed to a burn rate for the token, aiming to reduce supply and potentially increase its value over time.
The telecommunications venture, Unreal Mobile, will feature a range of services priced between $20 and $80 a month, catering to various data usage and network spectrum needs.
The company promises a selection of phones for purchase, supported by Sphere Labs for payment infrastructure, which notably does not offer a native token.
MOTHER on X
This initiative follows the success seen by phones sold on the Solana blockchain, such as the Saga model, which included an allocation of BONK tokens and sold out its flagship units in 2023 amid rising sentiment around Solana-based meme tokens. The enthusiasm was so significant that over 100,000 presale orders were placed for a second Saga phone by February 2024.
However, the launch of the MOTHER token was not without controversy. The crypto community was divided, with some viewing it as a celebrity cash grab and others as a step towards broader token adoption.
The debate intensified following an incident in May, where a person named Sahil Arora created a cryptocurrency called IGGY, capitalizing on Azalea’s fame, which led to millions in thefts. Azalea quickly distanced herself from the IGGY coin, reinforcing her dedication to her own project.
Defying the Trend – MOTHER’s Growth and a Struggling Meme Market
Despite these challenges, Azalea’s consistent support and the promises of long-term growth for the MOTHER token seem to have resonated with investors.
The token’s market valuation soared from under $10 million to over $200 million, vindicating early believers in the project. Meanwhile, the overall meme token market experienced a downturn, with CoinMarketCap data indicating a 12.8% decrease in total trading volume to $5.46 billion over the last 24 hours.
Other popular meme tokens like Pepe (PEPE), Bonk (BONK), and Book of Meme (BOME) suffered double-digit losses over the past week.
Celebrity meme coins in general have faced a tough market, with most new launches trading in the red. Notable examples include the Caitlyn Jenner (JENNER) token, launched by American media personality Caitlyn Jenner, which is down over 75% from its peak on May 28.
Similarly, the Timeless Davido (DAVIDO) token, launched by Nigerian singer David Adedeji Adeleke Oon, has plummeted 77% from its all-time high reached on May 30.
This trend of celebrity meme coins generally lacking intrinsic utility or underlying value often leads to their high volatility, primarily driven by social media hype and retail supply and demand dynamics.
Despite the broader market challenges, Azalea’s MOTHER token stands out as an exception, buoyed by her continuous efforts to provide real-world applications and reassure the crypto community of her long-term commitment to the project.
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