MOTHER, a memecoin launched by rapper/songwriter Iggy Azalea, stirred up a community-wide debate on X last week. Figures like Vitalik Buterin chimed in with their takes as MOTHER and other celebrity-launched memecoins made their way into the market as crypto prices rallied.
Vitalik commented on a post about the MOTHER token, in which he stated, “I’m feeling quite unhappy about with “this cycle’s celebrity experimentation” so far.” Many took the opportunity to go back and forth about it.
Iggy Azalea (or someone on her team) may have taken Vitalik’s words seriously. Iggy announced that she is reviving her telecommunications company, and MOTHER holders, alongside SOL holders, would be allowed to use their tokens to buy phones and carrier subscription plans.
The post read: “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.” One user asked her to collaborate with the DePIN mobile network provider Helium, to which she replied, “I literally own a service provider there is no room for collaboration respectfully this is now marketplace competition 🫶🫶🫶.”
MOTHER surged after the announcement, rising by 30% with this newly announced utility. Holders expect the price to go up even more as the ad campaign for the mobile company’s relaunch will go live this week. That will generate increased buzz and social media engagement, inevitably pumping MOTHER’s value.
With MOTHER’s price pumping, other memecoins moved into the red territory after GameStop stock dropped in value and a negative downtrend for all cryptos due to the release of the non-farm payrolls report.
DOGE and SHIB fell over 10%, and PEPE close to 17%. Other popular memecoins like BONK and BOME dropped by over 20%. The memecoin market dropped by 12.8% to $5.8 billion 24 hours after Iggy Azalea’s announcement.
Image: Iggy Azalea on X
