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Rapper Iggy Azalea’s MOTHER token is gaining traction among traders and speculators. The token’s price has surged by over 2,900% from its all-time low, giving it a market cap of over $153 million. Azalea, known for singles like “Fancy,” “Black Widow,” and “Work,” has entered the cryptocurrency space, promoting MOTHER as a token with significant potential.
This week, Azalea highlighted MOTHER, expressing hopes that it will become a leading cryptocurrency. She envisions the token being used for commercial purposes, such as buying smartphones and cell plans.
MOTHER has continued to gain traction. It was recently announced that the token will be integrated into Magic Eden, a prominent NFT marketplace. This integration will allow users to purchase NFTs using MOTHER.
When Mother says to integrate $MOTHER, we listen. Soon.. Powered by @crossmint. — Magic Eden (@MagicEden)
In addition, Azalea has hired Fenwick, a law firm, to ensure compliance and facilitate scaling. MOTHER has also been listed on several decentralized and centralized exchanges (DEX and CEX) including Helix, Kamino, Bitget, and HTX.
However, the rise of celebrity-backed cryptocurrencies raises questions about their sustainability. Notably, tokens launched by other celebrities like Nigerian singer Davido and Caitlin Jenner have experienced significant crashes. Additionally, the number of tokens targeting political figures such as Joe Biden and Donald Trump has increased, with tokens like MAGA HAT and MAGAA capitalizing on the political season.
Some analysts suggest that celebrity meme coins are becoming the new NFTs, a sector that has recently seen a downturn. Data shows that total NFT sales have decreased significantly over the past 30 days, with Ethereum and Solana handling $158 million and $79 million worth of tokens, down by 52% and 46%, respectively.
MOTHER Token Price Forecast
On the hourly chart, MOTHER token peaked at $0.2613 on June 6th. Since then, it has dipped by more than 40%. The token has formed a symmetrical triangle pattern, which is nearing its confluence level. It is currently hovering at its 25-period and 50-period moving averages, while the RSI has dropped below the neutral point of 50.
The outlook for MOTHER is bearish with a tendency towards further decline. A drop below the lower side of the triangle could indicate more weakness, with the next reference level being $0.10, approximately 36% below the current level.
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