Iggy Azalea MOTHER Coin Surges 58% On DWF Labs Collaboration Announcement
12 Julio 2024 - 12:00AM
NEWSBTC
The famous token inspired by Australian singer Iggy Azalea, the
Mother Iggy (MOTHER) token on the Solana (SOL) blockchain,
experienced a significant surge of 58% on Thursday, emerging as the
top performer in the market, as the meme coin announced a new
collaboration with Web3 investor and market maker DWF Labs.
Iggy Azalea Collaboration With DWF Labs DWF Labs, through a
series of posts on social media platform X (formerly Twitter),
announced its strategic partnership with now crypto investor Iggy
Azalea, as the company recently signaled a new chapter for the
company, focusing on “next generation” liquidity partnerships to
support crypto projects. Related Reading: XRP Set To
Skyrocket 60,000% On Tightest Bollinger Bands Ever: Analyst In
response to the collaboration, Iggy Azalea revealed that she had
loaned her entire MOTHER token holdings to DWF Labs and Wintermute,
an algorithmic trading firm specializing in digital assets.
By entrusting her holdings to these market makers, Azalea expressed
confidence in their expertise and ability to increase the token’s
stability and finance. One user on social media emphasized the
significance of this move, highlighting that the founder tokens are
now locked, ensuring the token’s “unruggable” nature. However, no
further details on the collaboration were provided by either party,
leaving questions as to how the partnership will potentially boost
MOTHER’s price or its stability in the coming months. MOTHER
Price Analysis This latest partnership adds to Iggy Azalea’s
growing involvement with the meme coin, as the singer unveiled
plans in June to revive a telecommunications company she
co-founded, which had an immediate positive impact on the price of
the MOTHER token, resulting in a 27% spike at the time of the
announcement. Azalea shared her vision of allowing MOTHER and
Solana token holders to use their tokens to purchase phones or
monthly wireless plans. The singer revealed in her statement
that the payment infrastructure for these transactions will be
handled by technology company Sphere Labs, with phone services
provided by Unreal Mobile, which led to a price spike above the
$0.2300 mark for the meme coin. Related Reading: Binance
Bought A Whooping 41,000 BTC During The Dip: Did They Save The
Bitcoin Market? With the recent announcement and the partnership of
the meme coin with DWF Labs, the token surged nearly 60% in the
early hours of Thursday, with the MOTHER token hitting a 5-day high
of $0.04816. However, after the initial hype surrounding the
inception of the meme coin, MOTHER has steadily declined after
hitting an all-time high of $0.2306 on June 6th, now down 85% from
that level. Currently, the token has corrected to its current
trading price of $0.0347, which shows the volatility experienced
over the past month, while the token also notes a 16% price drop
over the past seven days. However, in the potential scenario
where the current uptrend continues, $0.0349 will be the next
obstacle to overcome for the meme coin, as it has acted as a
resistance wall for the token in the past week. On the other hand,
the next support level is at $0.286. Featured image from
DALL-E, chart from TradingView.com
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