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Buy phones with MOTHER token: Iggy Azalea announces
Australian rapper Iggy Azalea has announced that her newly launched MOTHER token will soon be usable to purchase smartphones and cellular plans through her telecommunications company.
This innovative move aims to improve the utility of the cryptocurrency, which was introduced on the Solana blockchain less than a month ago.
MOTHER token gains popularity: an item store and burn rates
The development is part of Azalea’s strategy to integrate the viral cryptocurrency into daily transactions, following the token’s significant increase in value by 18% in the past 24 hours, in stark contrast to the 0.3% decline in the broader cryptocurrency market. cryptocurrencies.
Iggy Azalea has announced plans to relaunch a telecommunications company she co-founded, with the innovative twist of allowing the purchase of phones and monthly cell plans using the MOTHER or Sol token.
This move adds tangible utility to the MOTHER token, which previously fueled a rally when a merchandise store was announced last week.
The shop offers items such as shirts and hats, which can be purchased with MOTHER tokens. In response to criticism and accusations of a potential carpet recall, Azalea has committed to setting a burn rate for the token, with the aim of reducing supply and potentially increasing its value over time.
The telco, Unreal Mobile, will offer a range of services priced between $20 and $80 per month, meeting various data usage and network spectrum needs.
The company promises a selection of phones for sale, supported by Sphere Labs for the payment infrastructure, which notably does not offer a native token.
Users talking about MOTHER on X
This initiative follows the success seen by phones sold on the Solana blockchain, such as the Saga model, which included an allocation of BONK tokens and sold out of its flagship units in 2023 amid growing sentiment towards Solana-based meme tokens .
The enthusiasm was so significant that by February 2024, over 100,000 pre-sale orders for a second Saga phone had been placed.
However, the launch of the MOTHER token was not without controversy. The crypto community was divided, with some seeing it as a cash grab for celebrities and others as a step towards broader adoption of tokens.
The debate intensified following an incident in May, in which a person named Sahil Arora created a cryptocurrency called IGGY, capitalizing on Azalea’s fame, which led to millions of thefts. Azalea quickly distanced herself from the IGGY coin, strengthening her dedication to her project.
Challenging the trend: MOTHER’s growth and a struggling meme market
Despite these challenges, Azalea’s continued support and promises of long-term growth for the MOTHER token appear to have resonated with investors.
The token’s market valuation rose from less than $10 million to over $200 million, confirming the project’s early supporters. Meanwhile, the overall meme token market has taken a downturn, with CoinMarketCap data indicating a 12.8% decrease in total trading volume to $5.46 billion over the past 24 hours.
Other popular meme tokens like Pepe (PEPE), Bonk (BONK) and Book of Meme (BOME) has suffered double-digit losses in the last week.
Celebrity meme coins in general have faced a tough market, with most new launches trading in the red. Notable examples include the Caitlyn Jenner token (JENNER), launched by American media personality Caitlyn Jenner, which has fallen more than 75% from her peak on May 28.
Similarly, the Timeless Davido (DAVIDO) token, launched by Nigerian singer David Adedeji Adeleke Oon, has plummeted 77% from its all-time high reached on May 30.
This trend of celebrity meme coins generally lacking inherent utility or underlying value often leads to their high volatility, primarily driven by social media hype and retail supply and demand dynamics.
Despite broader market challenges, Azalea’s MOTHER token stands out as an exception, supported by its continued efforts to deliver real-world applications and reassure the crypto community of its long-term commitment to the project.