Iggy Azalea’s $MOTHER Memecoin Soars 500% in 30 Days Amid New Real-World Applications

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As an experienced financial analyst, I’ve seen my fair share of market trends and fads come and go. The recent surge in the price of Mother Iggy ($MOTHER) token, created by Australian rapper Iggy Azalea, is a prime example of how hype and utility can significantly impact the value of a cryptocurrency.

Within the last month, Mother Iggy ($MOTHER), the freshly introduced cryptocurrency by Australian rapper Iggy Azalea, underwent a substantial price surge after a revelation detailing its practical uses in the real world. However, this uptrend was followed by a significant correction. Regardless, Mother Iggy has surpassed the 500% mark in price growth over the past thirty days.

Those in possession of the $MOTHER token will soon gain the opportunity to utilize their assets to buy mobile phones and monthly plans when Azalea’s telecommunications company, which she co-founded, is relaunched, as announced in a post on microblogging platform X (previously known as Twitter) by the Australian rapper herself.

Following Iggy Azalea’s revelation that people could buy mobile devices or cellular plans with $MOTHER or Solana’s native token $SOL through her telecommunications company, the value of the token surged by approximately 30% within a day, reaching nearly $0.20 per token. However, it has since adjusted and is now trading at $0.144.

The memecoin’s price is still up over 100% over the last seven days.

Starting tomorrow, the telecommunications company I co-founded will be re-launching, offering phones and monthly cell plans for purchase using $MOTHER or Sol – I’m thrilled about it! Our ad campaign is set to roll out towards the end of this week, so stay tuned for exciting updates. 😊

— IGGY AZALEA (@IGGYAZALEA) June 9, 2024

Azalea shared that the telecommunications company is planning a new advertising campaign for its relaunch, and this announcement, combined with the token’s recent increase in functionality, may spark even more excitement on social media.

Although Azalea’s token has experienced notable growth recently, the wider memecoin sector seems unfazed as evidenced by a 12% decrease in trading volume within the last 24 hours and a 3% drop in market capitalization to $55.6 billion.

In the past week, various trending meme tokens have suffered significant declines. For instance, Dogecoin decreased by approximately 12%, Shiba Inu went down by around 7.5%, while PEPE coin lost over 14.6% of its worth.

According to CryptoGlobe’s recent coverage, shrewd traders and industry insiders have successfully cashed in on the remarkable surge of Solana-backed meme tokens, resulting in extraordinary profits. For instance, an investor bought a considerable amount of Dogwifhat (WIF) towards the end of December 2023 and has since then enjoyed a mind-boggling 118,967% increase on their initial investment.

A different trader has experienced profits with MAGA (TRUMP), a meme coin that draws inspiration from the former US President Donald Trump, who is now running for president again. Another trader amassed substantial wealth through investing in Jeo Boden (BODEN).

As a researcher studying the intersection of politics and finance, I recently uncovered an intriguing development: not long after the ex-President of the United States, Donald J. Trump, was found guilty on 34 felony counts related to falsifying business records concerning hush money reimbursements to his previous lawyer Michael Cohen, a series of cryptocurrencies inspired by Trump and meme culture emerged. One enterprising trader even managed to rake in over $160,000 within a mere 5-hour timeframe from these digital assets.

As a crypto investor, I’ve noticed that the value of some tokens can be significantly impacted by their respective communities. The volatility of these assets is quite high, and it’s not uncommon to see double-digit percentage increases or decreases, especially for memecoins.

Remember, astronomical gains from memecoins aren’t typical and investing in them involves significant risk. Conduct extensive research and practice caution before making any investment. Additionally, never put in more money than you’re prepared to lose.

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2024-06-12 05:05