Rapper Iggy Azalea’s MOTHER token is gaining traction amongst merchants and speculators.
MOTHER token’s worth has surged by over 2,900% from its all-time low, giving it a market cap of over $153 million. Rapper Iggy Azalea, best-known for singles like Fancy, Black Widow, and Work, has change into the newest sensation within the crypto trade.
This week, she hyped MOTHER, a token she hopes will change into a number one cryptocurrency within the trade. As crypto.information reported earlier this week, she believes that the token shall be used for business functions like shopping for smartphones and cell plans.
MOTHER has continued to achieve traction. In an X submit on Thursday, it was reported that the token shall be built-in in Magic Eden, one of many prime NFT marketplaces within the trade. This integration signifies that customers will be capable to purchase NFTs within the ecosystem utilizing the brand new token.
The token has additionally achieved different milestones previously few weeks. Azalea employed Fenwick, a number one legislation agency to assist compliance with the legislation and scaling. It has additionally been listed by a number of DEX and CEX platforms like Helix, Kamino, Bitget, and HTX.
Nonetheless, its reputation has raised questions on the way forward for celebrity-backed cryptocurrencies. Just lately, Davido, a Nigerian singer launched a token that crashed after he cashed out. Caitlin Jenner’s token has additionally crashed.
On the similar time, the variety of related tokens has soared. There at the moment are many tokens focusing on politicians like Joe Biden and Donald Trump. MAGA HAT and MAGAA tokens are making the most of the continuing political season.
Some analysts consider that celebrities meme cash have change into the brand new NFTs, an trade that has virtually collapsed. Knowledge by CryptoSlam reveals that the overall NFT gross sales have dived by double-digits previously 30 days. Ethereum and Solana dealt with $158 million and $79 million price of tokes on this interval, down by 52% and 46%, respectively.
MOTHER Token worth forecast
![MOTHER TOKEN price](https://crypto.news/app/uploads/2024/06/MOTHER-Token-Price-1024x570.png)
On the hourly chart, we see that the MOTHER token worth peaked at $0.2613 on June sixth. It has now dipped by greater than 40% from that time.
The token has fashioned a symmetrical triangle sample, which is nearing its confluence degree. It’s also hovering at its 25-period and 50-period shifting averages whereas the RSI has dropped beneath the impartial level of fifty.
Due to this fact, the token’s outlook is bearish with a bearish bias. A drop beneath the decrease aspect of the triangle will level to extra weak point, with the following reference degree to observe being at $0.10. This worth is about 36% beneath the present degree.