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MOTHER Loses Half Of Its Value From All-Time High Despite Iggy Azalea’s Mastery Of Cryptocurrency Memes
After reaching a market cap of nearly $150 million, MOTHER, arguably one of the most successful celebrity meme-based cryptocurrencies, dropped more than 57% to a market cap of $59.9 million.
Although MOTHER has dropped in value in recent weeks, its market cap is still much higher than other cryptocurrencies launched in the same period.
(Shutterstock/Debby Wong)
Published on July 1, 2024 at 8:29 PM EST.
MOTHERThe memecoin created by Australian rapper Iggy Azalea and her team, has lost more than half of its market capitalization after hitting an all-time high of around $150 million.
A few weeks after the token’s implementation on Solana, MOTHER’s market cap quickly grew to $148.97 million by June 16, but the cryptocurrency associated with Azalea has since dropped nearly 60%, reaching a market cap of $59.9 million at press time, according to CoinGecko.
MOTHER’s decline comes at a time when the entire cryptocurrency industry has seen its market cap decline by more than $100 billion since MOTHER’s all-time high in mid-June.
Despite MOTHER losing a substantial portion of its market cap, Azalea’s cryptocurrency has performed better than its cohort of celebrity tokens which came out around the same time.
After an initial jump in price when these celebrity tokens were first distributed on Solana, tokens associated with mainstream celebrities, most notably American media personality Caitlyn Jenner, Nigerian singer-songwriter Davido, Ohio-born rock star Trippe Redd, and American hip-hop artist Rich The Kid, have plummeted.
Although MOTHER has dropped in value in recent weeks, its market cap is still higher than other celebrity cryptocurrencies, which each have a market cap of no more than $1.5 million.
To know more: Celebrity Tokens Continue to Bleed with Some Memecoin Traders Losing Six Figures
MOTHER vs other celebrity tokens
What sets MOTHER apart from other celebrity tokens comes, in part, from the coin’s utility, Azalea’s expertise in the native cryptocurrency language, usually in the form of social media memes, and her partnerships with some high-profile companies.
Not only can token holders currently spend their MOTHER tokens to purchase t-shirts from Azalea’s merch store, but also He says can use cryptocurrency to buy phones and monthly plans from his telecommunications company, Unreal Mobile.
“Iggy is experimenting with the idea of an online store where merchandise has to be paid for using $MOTHER… that’s why it’s a bad idea to take down the entire celebrity coin vertical – or any new cryptocurrency vertical for that matter – because of a few bad actors,” Qiao Wang, the founding partner of AllianceDAO, he wrote on X.
Azalea, who is also on X and Telegram, popular apps for the crypto community, is constantly creating and sharing content about MOTHER memes. “I vow to keep it sexy. I vow to work on my sexy weekly and vow to be a brother/sister to all the freaky koalas, eliminating their chlamydia problems with the power of my sexiness,” She said Azalea in a post on X where she shared a “thirst trap,” a colloquial term to describe a promiscuous photo.
“I vow to keep it 100% spicy and tempting, indulge in life’s delights without hesitation, always ready to eat peaches, and stay away from “jeeting” my good times. In $Mother I believe,” she added. “Jeeting” is cryptocurrency slang for selling tokens.
One of the high-profile companies with ties to MOTHER is Wintermute, a major algorithmic trading firm that has a $166 million onchain portfolio and provides liquidity to many exchanges, both decentralized and centralized. On June 19, Azalea announced that MOTHER and Wintermute are “officially best friends,” with Wintermute CEO Evgeny Gaevoy responding with a gif that He says“Well, a boy’s best friend is his mother.”
