Australian rapper Iggy Azalea and her cryptocurrency enterprise, the Mother Iggy (MOTHER) token, have garnered significant attention within the crypto industry resulting from its rapid popularity and a greater than 140% spike in its first week of trading.
Nonetheless, after its initial surge, the token experienced a considerable price correction, resulting in a decline from its record price of $0.2490, reached on June 6. On Friday, the token retraced to as little as $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% surge within the MOTHER token’s price and potentially signaling a continuation of the recent uptrend.
Iggy Azalea MOTHER Tokens Accepted For Phone Purchases
In her social media post, Azalea revealed plans to resurrect a co-founded telecommunications company, allowing MOTHER and Solana (SOL) token holders to utilize their tokens for purchasing phones or monthly cell 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 can have access to a choice of phones for purchase. She also revealed that the corporate can have an promoting campaign and a launch later this week. Azalea further stated:
Roll out campaign and promoting, etc. all begin and proceed throughout the week so that you’ll see me posting more of that. But don’t forget that is only a convenient side mission for me and never my predominant vision for what’s going to drive mother.
From Scam Threat To Crypto Vision
Based on a report from Fortune Magazine, the launch of Mother Iggy’s token was accidental and strategic. Azalea took motion after discovering a scammer on Telegram using her name to launch a memecoin. Determined to combat this fraudulent activity, she launched her token inside a shorter time-frame.
Per 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 along with her as they aligned along with her familiarity with viral content and memes throughout her profession.
Contrary to the negative perception surrounding celebrity-backed coins, Iggy Azalea emphasized her intention to determine long-term utility for the MOTHER token. The Australian singer sees the “celebrity buzz” as a chance for the retail industry to interact with the Solana blockchain.
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Along with integrating along with her phone data provider startup, Azalea intends to integrate MOTHER tokens as a gifting and crowdfunding platform. Ultimately, her goal is to show Mother Iggy right into a stablecoin, which she considers the “holy grail” of accomplishments.
The every day chart shows MOTHER’s price uptrend. Source: MOTHERUSD on TradingView.com
The MOTHER token is currently trading at $0.1897, indicating a 20% decline from its record levels. The token has observed a 25% trading volume prior to now 24 hours, reflecting ongoing market activity and investor interest.
Featured image from Shutterstock, chart from TradingView.com