The MOTHER token, launched by rapper Iggy Azalea, has gained significant attention from traders and speculators. After experiencing a surge of over 2,900% from its all-time low, the token now boasts a market cap of over $153 million. Known for hits like “Fancy,” “Black Widow,” and “Work,” Iggy Azalea is making waves in the cryptocurrency industry with her new venture.
This week, Azalea has been actively promoting MOTHER, expressing her hopes that it will become a prominent cryptocurrency in the market. She envisions the token being used for various commercial purposes, such as purchasing smartphones and cell plans.
MOTHER’s momentum continues to grow, with recent news revealing its integration into Magic Eden, a top NFT marketplace in the industry. This integration allows users to utilize the token to purchase NFTs within the ecosystem.
Furthermore, MOTHER has achieved significant milestones in recent weeks, including the enlistment of Fenwick, a leading law firm, to ensure compliance with regulations and facilitate scaling. The token has also been listed on various DEX and CEX platforms like Helix, Kamino, Bitget, and HTX.
However, the popularity of celebrity-backed cryptocurrencies like MOTHER has sparked concerns about their long-term viability. Instances such as the token launched by Nigerian singer Davido, which experienced a crash after he cashed out, and Caitlin Jenner’s token that also suffered a downfall, have raised doubts within the industry.
Simultaneously, the market has seen a surge in similar tokens, with some targeting prominent figures like Joe Biden and Donald Trump. Tokens like MAGA HAT and MAGAA are capitalizing on the ongoing political climate.
Analysts suggest that celebrity meme coins may be emerging as the new NFTs, a market that has experienced a significant decline. Data from CryptoSlam indicates a sharp decrease in total NFT sales over the past 30 days, with Ethereum and Solana handling substantially reduced token volumes.
In terms of the MOTHER token’s price forecast, the hourly chart reveals a peak of $0.2613 on June 6th, followed by a decline of over 40%. The token has formed a symmetrical triangle pattern, nearing its confluence level. It is currently hovering around its 25-period and 50-period moving averages, while the RSI has dipped below the neutral point of 50.
As a result, the token’s outlook appears bearish with a downward bias. A drop below the lower side of the triangle could indicate further weakness, with the next key level of interest at $0.10, approximately 36% below the current level.