Iggy Azalea's Mother Token Soars Amid Dip in Other Celebrity-Led Memecoins
Summary:
Iggy Azalea's Mother (MOTHER) token recently witnessed a surge in value following an announcement that the token can be used to buy mobile phones and monthly cell plans after Azalea relaunches her telecommunications company. In contrast, other memecoins, despite being promoted by celebrities, are experiencing a dip as retail investor interest dwindles.
The recently introduced Mother (MOTHER) token by Iggy Azalea has experienced an unexpected boost due to a utility announcement. By reviving her former telecommunications venture, Azalea enables MOTHER memecoin holders to purchase mobile phones and monthly cellphone subscription plans. Azalea revealed this update on a June 9 X post: "I'm relaunching the telecommunication company I co-founded tomorrow, and you can use MOTHER or Sol to buy phones or monthly cell plans". As a result, the value of the MOTHER token increased over 30% within 24 hours till 10:08 am UTC, with each token priced at $0.1958, as per CoinMarketCap information.
Azalea also stated that promotional activities for the telecom company's revival would commence this week, potentially generating further social media hype and elevating the MOTHER memecoin. While the value of the MOTHER token rose sharply, there was little impact on most other meme tokens, indicating a slowdown in retail interest. As per CoinMarketCap, meme token trading volume saw a dip of 12.8% to $5.46 billion during the last 24 hours.
Several favored memecoins of the year experienced significant losses over the past week. Notably, the Pepe (PEPE) token dropped 17%, the Bonk (BONK) token slumped over 20%, and the Book of Meme (BOME) token also depreciated over 20%. As compared to most major cryptocurrencies, memecoins lack inherent utility or inherent value. Meme token pricing is primarily influenced by social media driven supply-and-demand mechanisms, leading to vast price variations.
Despite Iggy Azalea's MOTHER token's positive trend, most other celebrity-launched memecoins are recording losses. The JENNER memecoin, which was released by Caitlyn Jenner, an American media figure, has dropped over 75% from its all-time high on May 28. Additionally, the Timeless Davido (DAVIDO) token, which was introduced by Nigerian singer David Adedeji Adeleke Oon, is down 77% from its all-time high that was achieved on May 30.
Most celebrity-launched memecoins have been on a downward trend since Jenner's crypto debut on May 28, which captivated retail investors and led to the JENNER coin surpassing $30 million within the first 24 hours.
Published At
6/10/2024 2:04:44 PM
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