As a researcher with experience in the cryptocurrency market, I’m closely monitoring the surge in popularity of Iggy Azalea’s MOTHER token. While it’s exciting to see such significant price gains and industry recognition for this new cryptocurrency, I remain cautious given recent history with celebrity-backed tokens.
Rapper Iggy Azalea’s MOTHER token is gaining traction among traders and speculators.
The price of MOTHER token has experienced a remarkable increase of more than 2900% from its previous record low. As a result, it now boasts a market capitalization exceeding $153 million. Most recently, rapper Iggy Azalea, famed for hits like “Fancy,” “Black Widow,” and “Work,” has entered the crypto scene as the latest sensation.
This week, she enthusiastically promoted MOTHER token, her hopeful contender for a top position in the cryptocurrency market. According to crypto.news’ recent article, she envisions this token being utilized for commercial transactions such as purchasing smartphones and mobile plans.
Mother’s popularity has been on the rise. A recent post on the X platform announced on Thursday that Mother token would be incorporated into Magic Eden, a leading NFT marketplace. As a result, users can now purchase NFTs within the ecosystem utilizing the new token.
When Mother says to integrate $MOTHER, we listen.
Soon.. Powered by @crossmint.
— Magic Eden 🪄 (@MagicEden) June 13, 2024
In recent weeks, the token has made significant strides beyond this achievement. Notably, Azalea brought on board Fenwick, a renowned law firm, to ensure regulatory compliance and facilitate growth. Furthermore, the token has been included in various Decentralized Exchanges (DEX) and Centralized Exchanges (CEX) such as Helix, Kamino, Bitget, and HTX.
Despite the growing fame of celebrity-endorsed cryptocurrencies, their future remains uncertain following recent events. For instance, the tokens launched by Nigerian musician Davido and American television personality Caitlyn Jenner have both experienced price drops after the celebrities reportedly sold their holdings.
Concurrently, the count of related phrases has surged. Currently, there are numerous phrases focusing on political figures such as Joe Biden and Donald Trump. The MAGA HAT and MAGAAB tokens are capitalizing on the heightened political climate.
According to some analysts, meme coins associated with celebrities are now taking the place of NFTs, an industry that has seen a significant decline. As per CryptoSlam’s data, total NFT sales have dropped by over ten percent in the last month. Ethereum and Solana processed $158 million and $79 million in tokens during this period, representing decreases of 52% and 46%, respectively.
MOTHER Token price forecast
Hourly chart analysis reveals that the MOTHER token reached its highest price of $0.2613 on June 6th. Since then, it has experienced a significant decrease, dropping over 40%.
A symmetrical triangle pattern is shaping up for this token’s price chart, with the apex of the triangle almost reached. Simultaneously, it is currently balancing between its 25-day and 50-day moving averages. Additionally, the Relative Strength Index (RSI) has dipped below the 50 mark.
As an analyst, I would interpret the token’s trend as bearish with a strong inclination towards further declines. A fall beneath the triangle’s lower boundary is a signal of more weakness ahead, and the next significant support level to keep an eye on lies at $0.10. This price represents a 36% decrease from the current value.
Read More
Sorry. No data so far.
2024-06-13 20:34