The well-known token impressed by Australian singer Iggy Azalea, the Mom Iggy (MOTHER) token on the Solana (SOL) blockchain, skilled a major surge of 58% on Thursday, rising as the highest performer out there, because the meme coin introduced a brand new collaboration with Web3 investor and market maker DWF Labs.
Iggy Azalea Collaboration With DWF Labs
DWF Labs, by a collection of posts on social media platform X (previously Twitter), introduced its strategic partnership with now crypto investor Iggy Azalea, as the corporate lately signaled a brand new chapter for the corporate, specializing in “subsequent technology” liquidity partnerships to help crypto initiatives.
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In response to the collaboration, Iggy Azalea revealed that she had loaned her total MOTHER token holdings to DWF Labs and Wintermute, an algorithmic buying and selling agency specializing in digital belongings.
By entrusting her holdings to those market makers, Azalea expressed confidence of their experience and talent to extend the token’s stability and finance. One person on social media emphasised the importance of this transfer, highlighting that the founder tokens at the moment are locked, guaranteeing the token’s “unruggable” nature.
Nevertheless, no additional particulars on the collaboration have been supplied by both celebration, leaving questions as to how the partnership will probably enhance MOTHER’s value or its stability within the coming months.
MOTHER Worth Evaluation
This newest partnership provides to Iggy Azalea’s rising involvement with the meme coin, because the singer unveiled plans in June to revive a telecommunications firm she co-founded, which had an instantaneous constructive impression on the worth of the MOTHER token, leading to a 27% spike on the time of the announcement.
Azalea shared her imaginative and prescient of permitting MOTHER and Solana token holders to make use of their tokens to buy telephones or month-to-month wi-fi plans.
The singer revealed in her assertion that the fee infrastructure for these transactions will likely be dealt with by expertise firm Sphere Labs, with cellphone companies supplied by Unreal Cellular, which led to a value spike above the $0.2300 mark for the meme coin.
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With the current announcement and the partnership of the meme coin with DWF Labs, the token surged almost 60% within the early hours of Thursday, with the MOTHER token hitting a 5-day excessive of $0.04816.
Nevertheless, after the preliminary hype surrounding the inception of the meme coin, MOTHER has steadily declined after hitting an all-time excessive of $0.2306 on June sixth, now down 85% from that degree.
At the moment, the token has corrected to its present buying and selling value of $0.0347, which reveals the volatility skilled over the previous month, whereas the token additionally notes a 16% value drop over the previous seven days.
Nevertheless, within the potential state of affairs the place the present uptrend continues, $0.0349 would be the subsequent impediment to beat for the meme coin, because it has acted as a resistance wall for the token prior to now week. Alternatively, the subsequent help degree is at $0.286.
Featured picture from DALL-E, chart from TradingView.com
