Iggy Azalea’s recently launched Mother Iggy (MOTHER) token has seen a significant surge after a surprising utility announcement. Holders of the MOTHER memecoin will now be able to purchase mobile phones and monthly cellphone subscription plans as Azalea relaunches her old telecommunications company.
Utility Announcement and Price Impact
Azalea announced the relaunch of her telecommunications company in a June 9 X post, stating that “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.” Following this announcement, the MOTHER token rose over 30% in the 24 hours up to 10:08 am UTC, trading at $0.1958 according to CoinMarketCap data.
Azalea also mentioned that the ad campaign for the mobile company’s relaunch would roll out starting this week, which could potentially lead to more social media hype and further upward momentum for the memecoin.
Memecoin Landscape and Retail Interest
Despite the 30% intraday surge of Azalea’s MOTHER token, most other meme tokens remain largely unaffected as retail interest appears to have taken a break. According to CoinMarketCap data, the total trading volume of meme tokens fell over 12.8% to $5.46 billion in the past 24 hours, indicating a slump in interest.
Some of this year’s favorite memecoins, such as Pepe (PEPE), Bonk (BONK), and Book of Meme (BOME), have taken double-digit losses over the past week. Unlike most of the largest cryptocurrencies, memecoins generally have no intrinsic utility or underlying value, and their price movements are often heavily influenced by social media hype.
Celebrity-Launched Memecoins in the Red
Most of the recently-launched celebrity memecoins, aside from Azalea’s MOTHER token, are currently in the red. The Caitlyn Jenner (JENNER) memecoin, launched by American media personality Caitlyn Jenner, is down over 75% from its all-time high on May 28. Similarly, the Timeless Davido (DAVIDO) token, launched by Nigerian singer David Adedeji Adeleke Oon, is down 77% from its all-time high of May 30.
The decline in these celebrity-launched memecoins can be attributed to the initial hype surrounding their launches, which often grabs the attention of retail investors, leading to a subsequent price correction.
In conclusion, Iggy Azalea’s MOTHER memecoin has seen a significant surge due to its newfound utility in the relaunch of Azalea’s telecommunications company. However, the broader memecoin market appears to be experiencing a slump in retail interest, with most other celebrity-launched memecoins currently in the red.