Memecoins
MOTHER Token Surges 30% Thanks to Iggy Azalea and DWF Labs Partnership
Iggy Azalea, creator of the memecoin MOTHER, has partnered with a major market maker in the crypto industry.
DWF Labs has announcement a strategic partnership with Australian celebrity Iggy Azalea, the mind behind the controversial Solana-memecoin MOTHER.
Details on the terms of Azalea’s deal with the market maker are scarce, but DWF Labs said updates should follow shortly. DWF Labs founder Andrei Grachev had not responded to crypto.news’ requests for comment as of press time.
The news was a boon for MOTHER’s price on Thursday, as the memecoin surged more than 30% shortly after the announcement. However, MOTHER had retraced some of its gains at the time of writing amid continued market declines.
Azalea’s MOTHER meme
Celebrity memecoins launched by the likes of Azalea and Andrew Tate continue to attract attention within Solana’s burgeoning ecosystem. MOTHER debuted in late May/early June, sparking much debate about whether or not celebrities should use tokens in the first place.
The memecoin has reached a market cap of $150 million and garnered a cult following among crypto-native influencers who have pushed the narrative on X Spaces and Telegram.
Last month, Azalea said the MOTHER token would be a payment method for smartphone and mobile phone plans. The move promised utility for the memecoin, a rare development for these coins, which typically have no utility. Yet the token appears to have lost steam, falling more than 85% from its all-time high, according to TradingView.