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Azalea’s MOTHER token may collapse despite Magic Eden integration
Rapper Iggy Azalea’s MOTHER token is gaining traction among traders and speculators.
The price of the MOTHER token is up more than 2,900% from its all-time low, giving it a market capitalization of over $153 million. Rapper Iggy Azalea, best known for singles like Fancy, Black Widow and Work, has become the latest sensation in the cryptocurrency industry.
This week, he touted MOTHER, a token he hopes will become an industry-leading cryptocurrency. As crypto.news reported earlier this week, he believes the token will be used for commercial purposes purchasing smartphones and cellular plans.
THE MOTHER continued to gain ground. In a post from X on Thursday, it was reported that the token will be integrated into Magic Eden, one of the industry’s leading NFT marketplaces. This integration means that users will be able to purchase NFTs in the ecosystem using the new token.
The token has also reached other milestones in recent weeks. Azalea hired Fenwick, a leading law firm to drive compliance and scale. It has also been listed by several DEX and CEX platforms such as Helix, Kamino, Bitget, and HTX.
However, its popularity has raised questions about the future of celebrity-backed cryptocurrencies. Recently, Davido, a Nigerian singer, launched a token which he crashed after cashing. Caitlin Jenner’s token also crashed.
At the same time, the number of similar tokens has skyrocketed. There are now many tokens targeting politicians like Joe Biden and Donald Trump. MAGA HAT e MAGAA tokens they are taking advantage of the current political season.
Some analysts they believe celebrity meme coins have become the new NFTs, an industry that has nearly collapsed. Data from CryptoSlam shows that total NFT sales have decreased by double digits over the past 30 days. Ethereum and Solana handled tokens worth $158 million and $79 million during this period, down 52% and 46%, respectively.
MOTHER Token price prediction
On the hourly chart, we see that the MOTHER token price peaked at $0.2613 on June 6. It is now down more than 40% from that point.
The token has formed a symmetrical triangular pattern, which is approaching the confluence level. Furthermore, it is hovering around the 25- and 50-period moving averages, while the RSI has fallen below the neutral point of 50.
Therefore, the outlook for the token is bearish with a bearish bias. A drop below the lower side of the triangle will indicate more weakness, with the next reference level to watch at $0.10. This price is about 36% lower than the current level.