After a smart partnership between Iggy Azalea, who made the memecoin, and DWF Labs, a big name in the cryptocurrency market, MOTHER token went up by 30%.
Azalea, who is famous for being one of the first people to use the controversial Solana-based MOTHER coin, teamed up with DWF Labs in what looks like it will be a big step forward for the meme-driven cryptocurrency.
Details about the relationship between Azalea and DWF Labs have not been made public yet, but DWF Labs has said that more information will be released soon. When crypto.news tried to get in touch with founder Andrei Grachev, he was not available to speak right away.
MOTHER Token peaks at $150 Million
The news caused MOTHER’s market value to rise, and the memecoin’s value reached a notable 30% increase on Thursday. However, these gains were later wiped out by general market instability.
In the growing Solana ecosystem, memecoins backed by celebrities like those backed by Azalea and others like Andrew Tate continue to get a lot of press. When MOTHER token came out in late May or early June, it caused a lot of discussion about whether or not celebrities should be involved with cryptocurrencies.
When it was at its peak, MOTHER had a market value of $150 million and a dedicated following among crypto-native leaders who used X Spaces and Telegram.
Azalea had previously said that they wanted to add MOTHER as a way to pay for smartphone and cell phone plans. This would give the memecoin category, which isn’t known for having many uses, a rare useful one. TradingView shows that the token’s value has dropped by more than 85% since its high point, despite these attempts.
The relationship with DWF Labs is a turning point for MOTHER Token and its community. It shows how hard people are working to stay relevant and long-lasting in the unstable cryptocurrency market.
