Crypto

Iggy Azalea's MOTHER Tokens Surge 18%, Soon Usable for Phones

MOTHER token surges 18% as Iggy Azalea announces it can be used to buy phones and services.

By Bill Bullington

6/10, 04:00 EDT
Bitcoin / U.S. dollar
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Key Takeaway

  • Iggy Azalea's MOTHER tokens can soon be used to buy phones and services from her telecom company, Unreal Mobile.
  • MOTHER token surged 18% in 24 hours, outperforming the broader crypto market which fell 0.3%.
  • The token's market valuation has grown from under $10 million to over $200 million since its late May issuance.

MOTHER Token Gains Utility

Holders of the MOTHER token, issued by Australian rapper Iggy Azalea, are set to gain new utility as the cryptocurrency will soon be accepted for purchasing phones and services from Azalea's planned telecommunications company. This development follows the recent launch of a MOTHER merchandise store, which had already contributed to a rally in the token's value. According to DEXTools data, MOTHER has surged 18% in the past 24 hours, significantly outperforming the broader meme coin sector. In contrast, the CoinDesk 20 Index (CD20), which measures the broader crypto market, has declined by 0.3%.

Azalea announced on X, "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." She added that an ad campaign and rollout would follow later in the week. Unreal Mobile, a service provider for the phones, will offer plans ranging from $20 to $80 per month based on data usage and network spectrums. Sphere Labs will handle the payment infrastructure, although it does not offer a native token as of Monday.

Market Reaction and Comparisons

The announcement has sparked significant interest and optimism among MOTHER token holders. Phones sold by the Solana blockchain have previously proven successful, partly due to their allocation of BONK tokens. All units of the flagship Saga model sold out in 2023, driven by growing sentiment around Solana-based meme tokens. This success even led to the announcement and early development of a second Saga phone, which crossed 100,000 in presale orders by February 2024.

The MOTHER token, issued in late May on Solana, initially faced volatile trading and skepticism regarding its issuer. However, Azalea's consistent backing and promises of long-term growth have paid off for early believers. The token's market valuation has grown from under $10 million to over $200 million, demonstrating significant investor confidence.

Community and Market Sentiment

The issuance of MOTHER sparked debate within the crypto community. Some voiced concerns that it was a potential cash grab by a celebrity, while others saw it as a step towards broader adoption of tokens. Azalea's continued support and the addition of real-world utility to the token have helped to alleviate some of these concerns. The upcoming telecommunications venture adds a layer of credibility and practical use to the MOTHER token, which could further bolster its market position.

Azalea's move to integrate MOTHER into her telecommunications company could serve as a model for other celebrities and influencers looking to leverage their brand in the crypto space. By providing tangible utility and backing her token with real-world applications, Azalea is setting a precedent that could influence future token issuances and their acceptance in mainstream markets.

Management Quotes

  • Iggy Azalea, Co-founder of Unreal Mobile:

    "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."
    "A selection of phones for purchase if needed."