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Iggy Azalea’s recently launched Mother Iggy (MOTHER) token has surged after a surprising utility announcement.
Holders of the Mother memecoin will be able to purchase mobile phones and monthly cellphone subscription plans after Azalea relaunches her old telecommunications company.
Azalea announced the relaunch in a June 9 X <a href="https://x.com/IGGYAZALEA/status/1799904452897333603" target="_blank" rel="noopener nofollow">post</a>:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Following the announcement, the MOTHER token rose over 30% in the 24 hours up to 10:08 am UTC to trade at $0.1958, <a href="https://coinmarketcap.com/currencies/mother-iggy/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/16404ec0-f71c-4601-8535-651f39854d90.jpeg" alt="" title="">
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 MOTHER/USD, 1-day chart. Source: CoinMarketCap
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Azalea added that the ad campaign for the mobile company’s relaunch will roll out starting this week, which could translate into more social media hype and upward momentum for the memecoin.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/3b219ec5-f0cc-4420-a4ac-2802bc067d17.png" alt="" title="">
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 MOTHER memecoin, community meme. Source: Carter_xo
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Related: <a href="https://cointelegraph.com/news/coingecko-confirms-email-provider-data-breach">CoinGecko confirms email provider data breach, over 23,000 phishing emails sent</a>
<h2 data-ct-non-breakable="true" id="azalea-s-mother-token-surges-but-memecoins-unaffected">Azalea’s MOTHER token surges, but memecoins unaffected</h2>
Despite the 30% intraday surge of Azalea’s MOTHER token, most other meme tokens remain largely unaffected as retail interest has seemingly taken a break.
<a href="https://coinmarketcap.com/view/memes/" target="_blank" rel="noopener nofollow">According</a> to CoinMarketCap data, the total trading volume of meme tokens fell over 12.8% to $5.46 billion in the past 24 hours, showcasing a slump in interest.
Some of this year’s favorite memecoins have taken double-digit losses over the past week. The Pepe (<a href="https://cointelegraph.com/pepe-price-index">PEPE</a>) token fell 17%, Bonk (BONK) fell over 20%, and Book of Meme (BOME) fell over 20% during the past seven days.
Unlike most of the largest cryptocurrencies, <a href="https://cointelegraph.com/explained/can-memecoins-be-used-as-real-currency">memecoins</a> have no intrinsic utility or underlying value. Retail supply and demand mechanics for meme tokens are widely based on social media hype, which often leads to high price volatility. <iframe width="100%" height="315" src="https://www.youtube.com/embed/be0BPoo6Pe4" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen data-ct-non-breakable="true"></iframe>
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 Why did Dogecoin pump? Source: <a href="https://www.youtube.com/shorts/be0BPoo6Pe4" target="_blank" rel="noopener nofollow">Cointelegraph</a>
</figcaption>
Related: <a href="https://cointelegraph.com/news/crypto-hacks-2024-private-key-leaks">Crypto hacks increase in 2024, but smart contracts not to blame</a>
<h2 data-ct-non-breakable="true" id="celebrity-launched-memecoins-are-in-the-red">Celebrity-launched memecoins are in the red</h2>
Most of the recently-launched celebrity memecoins are in the red, besides Azalea’s MOTHER token.
The Caitlyn Jenner (JENNER) memecoin, launched by American media personality Caitlyn Jenner, is down over 75% from its all-time high on May 28.
<a href="https://www.coingecko.com/en/categories/celebrity-themed-coins" target="_blank" rel="noopener nofollow">According</a> to CoinGecko data, the Timeless Davido (DAVIDO) token is also down 77% from its all-time high of May 30. DAVIDO is a memecoin launched by Nigerian singer David Adedeji Adeleke Oon.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/edda6cae-c765-480c-9693-6396336907ec.png" alt="" title="">
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 DAVIDO/USD, all-time chart. Source: CoinGecko
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Most celebrity-launched <a href="https://cointelegraph.com/news/celebrity-tokens-dip-one-week-after-caitlyn-jenner-crypto-debut">memecoins started falling since Jenner’s crypto debut</a> on May 28, which grabbed the attention of retail investors, making the JENNER coin top $30 million within the first 24 hours.
Magazine: <a href="https://cointelegraph.com/magazine/cailtlyn-jenner-token-scammer-sahil-arora-celebrity-network-leaked-price-list/">Caitlyn Jenner meme coin ‘mastermind’s’ celebrity price list leaked</a>

Iggy Azalea’s MOTHER memecoin surges 30% on mobile company announcement

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