Iggy Azalea’s newly introduced Mother (MOTHER) token has experienced a significant surge following an unexpected announcement regarding its utility.
Individuals holding the Mother memecoin will have the opportunity to acquire mobile phones and monthly cellphone service plans once Azalea reopens her former telecommunications company. Azalea disclosed this relaunch in a post on X on June 9.
Subsequent to this announcement, the MOTHER token saw a rise of over 30% within a 24-hour period, reaching $0.1958 in trading value at 10:08 am UTC, as per data from CoinMarketCap.
Azalea also mentioned that the advertising campaign for the mobile company’s relaunch will commence this week, potentially leading to increased social media buzz and positive movement for the memecoin.
Despite the MOTHER token’s 30% surge in a single day, most other meme tokens have not been impacted significantly as retail interest appears to have decreased. Data from CoinMarketCap indicates that the overall trading volume of meme tokens dropped by 12.8% to $5.46 billion in the past day, reflecting a decline in interest.
Several popular memecoins from this year experienced substantial losses over the past week. For instance, the Pepe (PEPE) token fell by 17%, Bonk (BONK) by over 20%, and Book of Meme (BOME) coin by more than 20% in the last seven days.
Unlike many major cryptocurrencies, memecoins lack inherent utility or fundamental value. The trading dynamics of meme tokens are primarily influenced by retail supply and demand driven by social media hype, resulting in significant price fluctuations.
A number of celebrity-launched memecoins, apart from Azalea’s MOTHER token, have seen declines in value. The JENNER memecoin, introduced by American media personality Caitlyn Jenner, has dropped by over 75% from its peak on May 28. Similarly, the Timeless Davido (DAVIDO) token has decreased by 77% from its all-time high on May 30. DAVIDO is a memecoin launched by Nigerian singer David Adedeji Adeleke Oon.
Most celebrity-launched memecoins began to decline after Jenner’s entry into the crypto market on May 28, drawing attention from retail investors and causing the JENNER coin to surpass $30 million within the first day.