Australian rapper Iggy Azalea and her cryptocurrency venture, the Mother Iggy (MOTHER) token, have garnered significant attention in the crypto industry due to its rapid popularity and a more than 140% spike in its first week of trading.
However, after its initial surge, the token experienced a substantial price correction, leading to a decline from its record price of $0.2490, reached on June 6. On Friday, the token retraced to as low 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 in 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.
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 for purchase. She also revealed that the company will have an advertising campaign and a launch later this week. Azalea further stated:
Roll out campaign and advertising, etc. all begin and continue throughout the week so you’ll see me posting more of that. But don’t forget this is just a convenient side mission for me and not my main vision for what will drive mother.
From Scam Threat To Crypto Vision
According to a report from Fortune Magazine, the launch of Mother Iggy’s token was accidental and strategic. Azalea took action after discovering a scammer on Telegram using her name to launch a memecoin. Determined to combat this fraudulent activity, she launched her token within 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 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 industry to engage with the Solana blockchain.
In addition to integrating with her phone data provider startup, Azalea intends to integrate MOTHER tokens as a gifting and crowdfunding platform. Ultimately, her goal is to turn Mother Iggy into a stablecoin, which she considers the “holy grail” of accomplishments.
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 in the past 24 hours, reflecting ongoing market activity and investor interest.
Featured image from Shutterstock, chart from TradingView.com
Source: NewsBTC