Australian rapper Iggy Azalea, who is also a co-founder of a telecommunication company, has unveiled a new concept for the company's relaunch. Through a recent social media update, Azalea disclosed that customers will now have the option to purchase phones and monthly cell plans using $MOTHER or Sol.
This strategic move is aimed at enhancing the functionality of the MOTHER token, a meme coin introduced by Azalea on the Solana blockchain. The payment system will be managed by Sphere Labs, while Unreal Mobile will be responsible for providing the phone services. This announcement has led to a surge in the value of the MOTHER token.
Once Azalea relaunches her old telecommunications company, holders of the Mother memecoin will have the opportunity to buy mobile phones and subscribe to monthly cellphone plans. Azalea mentioned that the advertising campaign for the relaunch of the mobile company will begin this week, potentially leading to increased social media buzz and a positive trend for the memecoin.
Memecoins, unlike the majority of the largest cryptocurrencies, lack intrinsic utility or underlying value. The retail supply and demand dynamics for meme tokens primarily rely on social media hype, resulting in frequent high price volatility.
Named Mother Iggy ($MOTHER), the coin has experienced a rapid surge, generating $194 million within a week. It all started when Azalea posted a humorous photoshopped picture of herself breastfeeding Vitalik Buterin, the Ethereum founder, along with the caption "He was just hangry." This lighthearted dig was a playful response to Buterin's criticism of her Solana-backed memecoin, suggesting that it should prioritize benefiting the community rather than focusing solely on financial profits.
Memecoins, recognized for their playful essence, blend finance, online trends, and a touch of risk. Investors are drawn to these speculative assets in times of online popularity, pushing their market worth higher. Azalea, realizing the influence of virality, has wholeheartedly embraced this realm.