Iggy Azalea’s recently launched Mother Iggy (MOTHER) token has soared after its surprising utility announcement.
Mother memecoin holders will be able to purchase mobile phones and monthly cell phone subscription plans after Azalea relaunched her existing telco.
Azalea announced the relaunch in an X post on June 9.
“Tomorrow, I will finally relaunch the telecommunications company I co-founded, and you will be able to purchase mobile phones and monthly plans using Mother or Sol.”
Following the announcement, the MOTHER token rose more than 30% in the 24 hours to 10:08 a.m. UTC, trading at $0.1958, according to CoinMarketCap data.
Azalea added that the advertising campaign for the mobile company’s relaunch will begin this week. This could lead to social media hype and upward momentum for memecoins.
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Azalea’s MOTHER token surged, but memecoin was not affected.
Despite Azalea’s MOTHER token surging 30% during the day, most other meme tokens are largely unaffected as retail interest appears to have stalled.
Interest in meme tokens has also plummeted, with total trading volume for meme tokens falling more than 12.8% to $5.46 billion over the past 24 hours, according to CoinMarketCap data.
Some of this year’s most popular memecoins have suffered double-digit losses over the past week. Over the past seven days, the Pepe (PEPE) token has fallen over 17%, Bonk (BONK) has fallen over 20%, and Book of Meme (BOME) has fallen over 20%.
Unlike most of the largest cryptocurrencies, memecoins have no intrinsic utility or fundamental value. The retail supply and demand mechanism for meme tokens is based on social media hype, which often results in high price volatility.
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Meme coins launched by celebrities are in deficit
Other than Azalea’s MOTHER token, most of the recently released celebrity meme coins are red.
The JENNER memecoin, launched by American journalist Caitlyn Jenner, has fallen more than 75% from its all-time high on May 28.
The Timeless Davido (DAVIDO) token is also down 77% from its all-time high on May 30, according to CoinGecko data. DAVIDO is a meme coin launched by Nigerian singer David Adedeji Adeleke Oon.
Memecoins, most of which were launched by celebrities, began falling after Jenner’s cryptocurrency debut on May 28, attracting the attention of retail investors, with JENNER coin topping $30 million within the first 24 hours.
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