Iggy Azalea’s mom’s memecoin has seen a 30% increase in mobile company advertising.
Iggy Azalea's recently launched Mother Iggy moniker has been on the rise after a surprising utility announcement.
Mother memecoin holders will be able to purchase cell phones and monthly cell phone subscription plans after Azalea relaunched her former telecommunications company.
Azalea announced the reboot in a June 9 X post:
“Tomorrow, I'm finally relaunching the telecommunications company I co-founded, and you can buy phones or monthly mobile plans using Mother or Soul.
After the announcement, Mother Token rose more than 30% in the 24 hours to trade at $0.1958 as of 10:08 am UTC, according to CoinMarketCap data.
Azalea added that the ad campaign for the mobile company's relaunch will continue this week, which could lead to social media hype and upside for memecoin.
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Azalea's mother token goes up, but memecoins are not affected.
While Azalea's mother token saw a 30% intraday surge, most other meme tokens were largely unaffected as retail demand seemed to take a break.
According to data from CoinMarketCap, the total trading volume of meme tokens fell by 12.8% to $5.46 billion in the last 24 hours, indicating a decline in interest.
Some of this year's favorite memecoins took double-digit losses last week. The PEPE token is down 17%, BONK is down over 20%, and Book of Memes (BOME) is down 20% in the last seven days.
Unlike most of the biggest cryptocurrencies, memecoins have no intrinsic utility or value. Retail supply and demand mechanics for meme tokens are heavily dependent on social media, which often leads to high price volatility.
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Memecoins launched by celebrities are in red.
Most of the recently launched celebrity memecoins are in red in addition to Azalea's mother token.
Caitlyn Jenner memecoin, launched by American media personality Caitlyn Jenner, fell more than 75 percent from its all-time high on May 28.
According to CoinGecko, the Timeless Davido (DAVIDO) token is down 77% from its all-time high on May 30. DAVIDO is a memecoin started by Nigerian singer David Addeji Adeleke On.
Since the initial launch of Jenner Crypto on May 28, memecoins, launched by most celebrities, began to fall, attracting the attention of retail investors, which in the first 24 hours JENNER Coin rose $ 30 million.
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