Australian rapper Iggy Azalea has introduced that her newly launched MOTHER token will quickly be usable for buying smartphones and cell plans by her telecommunications firm. 

This modern transfer goals to reinforce the utility of the cryptocurrency, which was launched on the Solana blockchain lower than a month in the past. 

MOTHER Token Positive aspects Traction – A Burn Fee and Merchandise Retailer

The event is a part of Azalea’s technique to combine the viral cryptocurrency into on a regular basis transactions, following the token’s important 18% enhance in worth over the previous 24 hours, a stark distinction to the 0.3% decline within the broader crypto market.

Iggy Azalea introduced plans to relaunch a telecommunications firm she co-founded, with the modern twist of permitting purchases of telephones and month-to-month cell plans utilizing the MOTHER token or Sol. 

This transfer provides tangible utility to the MOTHER token, which beforehand fueled a rally when a merchandise retailer was introduced final week. 

The shop presents gadgets like shirts and hats, purchasable with MOTHER tokens. In response to criticisms and accusations of a possible rug pull, Azalea has dedicated to a burn charge for the token, aiming to scale back provide and probably enhance its worth over time.

The telecommunications enterprise, Unreal Cellular, will characteristic a variety of companies priced between $20 and $80 a month, catering to varied knowledge utilization and community spectrum wants. 

The corporate guarantees a choice of telephones for buy, supported by Sphere Labs for cost infrastructure, which notably doesn’t provide a local token.

This initiative follows the success seen by telephones offered on the Solana blockchain, such because the Saga mannequin, which included an allocation of BONK tokens and offered out its flagship models in 2023 amid rising sentiment round Solana-based meme tokens.

The passion was so important that over 100,000 presale orders have been positioned for a second Saga cellphone by February 2024.

Nevertheless, the launch of the MOTHER token was not with out controversy. The crypto group was divided, with some viewing it as a celeb money seize and others as a step in the direction of broader token adoption. 

The talk intensified following an incident in Could, the place an individual named Sahil Arora created a cryptocurrency referred to as IGGY, capitalizing on Azalea’s fame, which led to thousands and thousands in thefts. Azalea rapidly distanced herself from the IGGY coin, reinforcing her dedication to her personal undertaking.

Defying the Pattern – MOTHER’s Progress and a Struggling Meme Market 

Regardless of these challenges, Azalea’s constant help and the guarantees of long-term development for the MOTHER token appear to have resonated with traders. 

The token’s market valuation soared from underneath $10 million to over $200 million, vindicating early believers within the undertaking. In the meantime, the general meme token market skilled a downturn, with CoinMarketCap knowledge indicating a 12.8% lower in whole buying and selling quantity to $5.46 billion over the past 24 hours.

Different common meme tokens like Pepe (PEPE), Bonk (BONK), and Ebook of Meme (BOME) suffered double-digit losses over the previous week.

Movie star meme cash on the whole have confronted a tricky market, with most new launches buying and selling within the purple. Notable examples embrace the Caitlyn Jenner (JENNER) token, launched by American media character Caitlyn Jenner, which is down over 75% from its peak on Could 28. 

Equally, the Timeless Davido (DAVIDO) token, launched by Nigerian singer David Adedeji Adeleke Oon, has plummeted 77% from its all-time excessive reached on Could 30.

This development of celeb meme cash usually missing intrinsic utility or underlying worth typically results in their excessive volatility, primarily pushed by social media hype and retail provide and demand dynamics.

Regardless of the broader market challenges, Azalea’s MOTHER token stands out as an exception, buoyed by her steady efforts to offer real-world purposes and reassure the crypto group of her long-term dedication to the undertaking.