Iggy Azalea’s MOTHER memecoin surges 30% on mobile company announcement

Iggy Azalea's Mother Token Surges on Surprise Announcement

Iggy Azalea's newly released MOTHER token has seen a significant surge following a surprising utility announcement.

Holders of the Mother memecoin will be able to purchase mobile phones and monthly cellphone subscriptions after Azalea relaunches her former telecommunications company.

Azalea announced the relaunch in a June 9 post on X:

"Tomorrow, I'm finally relaunching the telecommunication company I co-founded, and you will be able to purchase phones or month-to-month cell plans using MOTHER or Sol."

Following the announcement, the MOTHER token rose over 30% in the 24 hours leading up to 10:08 am UTC, trading at $0.1958, as per CoinMarketCap data.

The ad campaign for the mobile company's relaunch will commence this week, which could generate further social media buzz and upward momentum for the memecoin.

Despite the surge in Azalea's MOTHER token, most other meme tokens have remained largely unaffected, indicating a decline in retail interest. Total trading volume for meme tokens has dropped by over 12.8% to $5.46 billion in the past 24 hours.

Leading memecoins have experienced double-digit losses in the past week, including Pepe (PEPE), Bonk (BONK), and Book of Meme (BOME).

Unlike major cryptocurrencies, memecoins lack intrinsic utility or underlying value. Their price volatility is primarily driven by social media hype and retail speculation.

Celebrity-launched memecoins, with the exception of Azalea's MOTHER token, have generally performed poorly. The JENNER memecoin, released by Caitlyn Jenner, is down over 75% from its peak. Timeless Davido (DAVIDO), launched by David Adedeji Adeleke Oon, has also declined by 77% from its all-time high.

The decline in celebrity-launched memecoins began following Jenner's crypto debut on May 28, which initially sparked retail investor interest and pushed the JENNER coin to over $30 million in the first 24 hours.