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MOTHER memecoin creator Iggy Azalea has formed a strategic partnership with a major crypto market maker, DWF Labs. This collaboration marks a significant step for the Solana-memecoin MOTHER, which has been a topic of discussion within the cryptocurrency community.
Although specific details about Azalea’s deal with DWF Labs remain undisclosed, the market maker has indicated that updates will be provided soon. As of now, DWF Labs founder Andrei Grachev has not commented on the partnership.
The announcement had an immediate impact on MOTHER’s price, causing a surge of over 30% on Thursday. However, the memecoin has since retraced some gains amidst a broader market downturn.
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Azalea’s involvement in the cryptocurrency space highlights the growing trend of celebrities launching their own tokens. Alongside figures like Andrew Tate, Azalea has contributed to the popularity of celebrity memecoins within Solana’s ecosystem. MOTHER debuted in late May/early June, sparking debate about the role of celebrities in the crypto market.
The memecoin achieved a peak market cap of $150 million and gained a dedicated following among crypto influencers who actively promoted it on platforms like X Spaces and Telegram. Despite this initial success, MOTHER has experienced a significant decline, falling over 85% from its all-time high according to TradingView data.
In a bid to add utility to the memecoin, Azalea announced last month that the MOTHER token would be accepted as a payment method for smartphone and cell plans. This move is notable as most memecoins typically lack practical applications. However, despite this effort, the token’s value has continued to decrease.
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