MOTHER loses half its value since all-time high, despite Iggy Azalea’s mastery of crypto memes

After reaching a market cap of nearly $150 million, MOTHER, arguably one of the most successful celebrity meme cryptocurrencies, has fallen by more than 57% to a market cap of $59.9 million.

A few weeks after the token was deployed on Solana, MOTHER’s market cap rose rapidly to $148.97 million by June 16, but since then the Azalea-related cryptocurrency has fallen by nearly 60% to a market cap of $59.9 million at press time, according to CoinGecko.

MOTHER’s decline comes at a time when the entire crypto industry has seen a decline in market capitalization of over $100 billion since MOTHER’s all-time high in mid-June.

Although MOTHER lost a significant portion of its market capitalization, Azalea’s cryptocurrency has outperformed its Cohort of celebrity tokens which came out around the same time.

After an initial price spike when these celebrity tokens were first deployed on Solana, the tokens associated with mainstream celebrities, namely American media personality Caitlyn Jenner, Nigerian singer-songwriter Davido, Ohio-born rock star Trippe Redd, and American hip-hop artist Rich The Kid, have fallen sharply.

Although MOTHER’s value has dropped in recent weeks, its market cap is still higher than that of other celebrity coins, each of which has a market cap of no more than $1.5 million.

Read more: Celebrity tokens continue to lose value, some memecoin traders lose six-figure sums

MOTHER vs. other celebrity tokens

What sets MOTHER apart from the other celebrity tokens is partly due to the coin’s utility, Azalea’s fluency in the crypto language, typically in the form of social media memes, and her collaborations with some notable firms.

Token holders can currently not only spend their MOTHER tokens to buy t-shirts from Azalea’s merchandise shop, but she says they can also use cryptocurrencies to purchase phones and monthly plans from her telecommunications company, Unreal Mobile.

“Iggy is experimenting with the idea of ​​an online store where merchandise must be paid for with $MOTHER… so it’s not a good idea to shoot down the entire celebrity coin vertical – or any new vertical in the crypto world – because of a few bad actors,” said Qiao Wang, founding partner of AllianceDAO. wrote on X.

Azalea, who is also active on X and Telegram, popular applications of the crypto community, regularly creates and shares content around MOTHER memes. “I swear to keep it sexy. I swear to work on my sexy weekly post and I swear to be a brother/sister to all the crazy koalas and wipe out their chlamydia problems with the power of my sexiness,” said Azalea in a post on X where she shared a “thirst trap,” a slang term for a promiscuous photo.

“I vow to keep it 100% zesty and seductive, indulge in life’s pleasures without hesitation, always be ready to eat the peach and beware of ever ‘jeet’ spoiling my good times. I trust in $Mother,” she added. “Jeeting” is crypto jargon for selling tokens.

One well-known company associated with MOTHER is Wintermute, a well-known algorithmic trading company that has an onchain portfolio of $166 million and provides liquidity to many exchanges, both decentralized and centralized. On June 19, Azalea announced that MOTHER and Wintermute are “officially best friends,” to which Wintermute CEO Evgeny Gaevoy responded with a GIF that says“A boy’s best friend is his mother.”