Here’s Why Iggy Azalea’s Memecoin $MOTHER Surged 50% Today

Mother Iggy (MOTHER), the memecoin launched by Australian rapper and model Iggy Azalea, has recorded substantial gains today due to the emergence of positive news that could see the project gain traction in the crypto community.

New generation web3 investor and market maker DWF Labs announced Thursday that it has entered a strategic partnership with Iggy Azalea in its quest to support innovative projects in the blockchain space. Details of the alliance were not mentioned, but DWF Labs intends to provide more updates over time.

Reacting to the news of the partnership, MOTHER surged by more than 56% from $0.030 to $0.047, per data from CoinMarketCap. However, at the time of writing, the memecoin had retraced to the $0.034 level, recording a 14% rise in the past 24 hours.

Iggy’s Plans For MOTHER

Iggy Azalea launched MOTHER in late May, during the peak of the celebrity memecoin trend, which saw other top media personalities and musicians release their individual crypto tokens. Roughly a week after Mother Iggy’s launch, the token reached a market cap of $200 million, producing crypto millionaires overnight.

While crypto community members expressed concern over Iggy Azalea’s plans for MOTHER, as other celebrities were cashing out from their memecoins and dumping on retailers, the Australian rapper clarified that the project was legitimate; she has long-term plans and is in crypto to stay. Her just-announced partnership with DWF Labs could be considered proof of her commitment to crypto.

Additionally, the model has stated that MOTHER holders may soon be able to buy cell phones and telecom plans from her telecommunications company in a bid to increase the token’s utility. Commenting on DWF Labs’ announcement, Iggy Azalea disclosed that she would also be working with algorithmic crypto trading firm Wintermute.

MOTHER Faces Some Controversies

About a month ago, blockchain analytics platform Bubblemaps accused MOTHER developers of getting involved in insider trading activities before the launch of the memecoin. The firm alleged that the insiders bought 20% of the MOTHER supply before Iggy Azalea announced its release and have sold $2 million worth of the coins since it hit the market.

Meanwhile, Ethereum co-founder Vitalik Buterin has expressed dissatisfaction with celebrities’ lackadaisical approach towards their memecoin launches, insisting that such projects can be used for more than just financialization and can be channeled to public-good goals.