The MOTHER token, created by rapper Iggy Azalea, has been making waves in the trading and speculation community. With a staggering surge of over 2,900% from its all-time low, the token now boasts a market cap exceeding $153 million. Iggy Azalea, famous for hits like “Fancy,” “Black Widow,” and “Work,” has emerged as a prominent figure in the world of cryptocurrency.
Azalea has been actively promoting MOTHER as a potential leading cryptocurrency in the market. She envisions the token being used for various commercial purposes, such as purchasing smartphones and cell plans. Recent reports indicate that the token is set to be integrated into Magic Eden, a renowned NFT marketplace, allowing users to buy NFTs using the new token within the ecosystem.
In addition to these developments, Azalea has enlisted the services of Fenwick, a reputable law firm, to ensure compliance with regulations and facilitate scaling. MOTHER has also secured listings on several DEX and CEX platforms, including Helix, Kamino, Bitget, and HTX.
However, the surge in popularity of celebrity-backed cryptocurrencies has sparked concerns about their long-term viability. Instances like Nigerian singer Davido’s token crash after cashing out and Caitlin Jenner’s token downfall have raised doubts. The market is now flooded with similar tokens targeting public figures like Joe Biden and Donald Trump, with tokens like MAGA HAT and MAGAA taking advantage of the political climate.
Some experts suggest that celebrity meme coins are becoming the new NFTs, as the NFT industry faces a downturn. Data from CryptoSlam reveals a significant decline in total NFT sales over the past 30 days, with Ethereum and Solana experiencing notable drops in token value.
Analyzing the MOTHER token’s price forecast, it reached a peak of $0.2613 on June 6th before plummeting by over 40%. The token is currently forming a symmetrical triangle pattern close to its confluence level, while hovering around its 25-period and 50-period moving averages. The RSI indicator has dipped below the neutral point of 50, signaling a bearish bias. A potential drop below the lower side of the triangle could indicate further weakness, with a key support level at $0.10, approximately 36% below the current price.