The recently launched cryptocurrency, Mother Iggy ($MOTHER), created by Australian rapper Iggy Azalea, experienced a significant price increase following an announcement outlining its real-world application and subsequently endured a major correction, but it’s still up over 500% over the past 30 days.
Holders of the $MOTHER token will soon be able to use their holdings to purchase mobile phones and monthly plans when Azalea relaunches her co-founded telecommunications company, according to a post by the Australian rapper on the popular microblogging platform X (formerly known as Twitter).
After Iggy Azalea’s announcement, which detailed users could purchase mobile devices or cell data plans using $MOTHER or Solana’s native token $SOL from her telecommunications firm, the price of the token exploded upwards of 30% in a single 24-hour period to near $0.20 per token, before correcting to now trade at $0.144.
The memecoin’s price is still up over 100% over the last seven days.
Azalea revealed there’s an upcoming advertising campaign for the telecommunications company’s relaunch, whichcoupled with the token’s newfound utility could generate further social media buzz.
Despite the impressive gains for Azalea’s token, the broader memecoin market appears relatively unaffected, with data showing a 12% decrease in total trading volume for memecoins over the past 24 hours, while their market capitalization dropped over 3% to $55.6 billion.
Several popular memecoins have experienced double-digit losses in the last week with DOGE dropping 12%, Shiba Inu dropping by 7.5%, and PEPE losing 14.6% of its value.
As CryptoGlobe has been reporting, astute traders and insiders have managed to capitalize on the meteoric rise of Solana (SOL)-based memecoins, realizing astronomical gains in the process, with data showing, for example, one trader purchased a substantial amount of Dogwifhat (WIF) in December 2023 and has since seen a staggering 118,967% return on their investment.
Another trader has also found success with MAGA (TRUMP), a memecoin inspired by former U.S. President Donald Trump, who is currently campaigning for the presidency once more, while another made millions worth Jeo Boden (BODEN).
Shortly after former U.S. President Donald J. Trump was convicted on 34 felony counts for falsifying business records involving reimbursements to his former lawyer Michael Cohen for hush money payments, several Trump-inspired meme-inspired cryptocurrencies were launched, with one trader making over $160,000 in just 5 hours from them.
These tokens are, however, heavily influenced by the community behind them and are inherently volatile, with double-digit rises and drops being common for memecoins.
It is crucial to remember that such astronomical returns are not the norm and that investing in memecoins carries a high level of risk. As with any investment, it is essential to conduct thorough research, exercise caution, and never invest more than one can afford to lose.
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