Australian rapper Iggy Azalea and her cryptocurrency venture, the Mother Iggy The token (MOTHER), has attracted significant attention in the crypto industry due to its rapid popularity and an increase of over 140% in its first week of trading.
However, after its initial surge, the token underwent a substantial price correction, leading to a decline from its record price of $0.2490 reached on June 6. On Friday, the token retreated to $0.1155 after reaching its record high.
In a recent social media post on Sunday, Iggy Azalea revealed plans to revive a co-founded telecommunications company, triggering a 27% increase in MÃE token price and potentially signaling a continuation of the recent uptrend.
Iggy Azalea MOTHER Tokens Accepted for Phone Purchases
In it social media postsAzalea has revealed plans to revive a co-founded telecommunications company by allowing MOTHER and Solana (SOL) token holders to use their tokens to purchase phones or monthly cell phone plans.
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Azalea also revealed that technology company Sphere Labs will handle the payment infrastructure for these transactions, while Unreal Mobile will provide the phone services.
Azalea mentioned that users will have access to a selection of phones to purchase. Her too revealed that the company will have an advertising campaign and launch this week. Azalea further stated:
Campaign launch and advertising etc starts and continues throughout the week so you will see me posting more of this. But don’t forget that this is just a convenient side quest for me and not my main insight into what will motivate the mother.
From Fraudulent Threat to Cryptographic Vision
According to a report From Fortune Magazine, Mother Iggy’s token launch was both accidental and strategic. Azalea acted after discovering a scammer on Telegram using her name to launch a memecoin. Determined to combat this fraudulent activity, it launched its token in less time.
According to the report, Iggy Azalea has been observing the crypto industry since 2020 and recognized the potential in non-fungible tokens (NFTs) and Web3 art projects. Memecoins resonated with her as they aligned with her familiarity with viral content and memes throughout her career.
Contrary to the negative perception surrounding celebrity-backed coins, Iggy Azalea emphasized her intention to establish long-term utility for the MOTHER token. The Australian singer sees the “celebrity buzz” as an opportunity for the retail sector to get involved with the Solana blockchain.
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In addition to the integration with its phone data provider startup, Azalea intends to integrate MOTHER tokens as a gifting and crowdfunding platform. Ultimately, your goal is to turn Mother Iggy into a stable coinwhich she considers the “Holy Grail” of achievement.
The MOTHER token is currently trading at $0.1897, indicating a 20% decline from its record levels. The token has seen 25% trading volume over the past 24 hours, reflecting continued market activity and investor interest.
Featured image from Shutterstock, chart from TradingView.com