The well-known token impressed by Australian singer Iggy Azalea, the Mom Iggy (MOTHER) token on the Solana (SOL) blockchain, skilled a big 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 sequence of posts on social media platform X (previously Twitter), introduced its strategic partnership with now crypto investor Iggy Azalea, as the corporate just lately signaled a brand new chapter for the corporate, specializing in “subsequent technology” liquidity partnerships to assist crypto tasks.
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In response to the collaboration, Iggy Azalea revealed that she had loaned her complete 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 skill to extend the token’s stability and finance. One consumer on social media emphasised the importance of this transfer, highlighting that the founder tokens are actually locked, guaranteeing the token’s “unruggable” nature.
Nonetheless, no additional particulars on the collaboration had been offered by both social gathering, leaving questions as to how the partnership will doubtlessly enhance MOTHER’s worth or its stability within the coming months.
MOTHER Value 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 affect on the value 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 cost infrastructure for these transactions might be dealt with by know-how firm Sphere Labs, with cellphone providers offered by Unreal Cell, which led to a worth 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 practically 60% within the early hours of Thursday, with the MOTHER token hitting a 5-day excessive of $0.04816.
Nonetheless, 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 worth of $0.0347, which reveals the volatility skilled over the previous month, whereas the token additionally notes a 16% worth drop over the previous seven days.
Nonetheless, within the potential situation 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 up to now week. However, the following assist degree is at $0.286.
Featured picture from DALL-E, chart from TradingView.com
