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The Mother (MOTHER) memecoin, recently launched by Australian rapper Iggy Azalea, has seen a significant price increase in the last 24 hours. According to data from CoinGecko, the token jumped 27.6% this Monday (10) and at the time of writing this article it costs US$0.19.

MOTHER memecoin price chart for the last 24 hours.  Source: CoinGecko
MOTHER memecoin price chart for the last 24 hours. Source: CoinGecko

The rise of the meme cryptocurrency occurred after a utility announcement. In an X post on June 9, Azalea revealed that holders of the MOTHER memecoin will be able to purchase cell phones and monthly cell phone subscription plans following the relaunch of her former telecommunications company.

“Tomorrow, I will finally relaunch the telecommunications company I co-founded, and you will be able to buy phones or monthly cell phone plans using MOTHER or SOL,” Azalea stated in her post.

Additionally, rapper Azalea mentioned that the advertising campaign for the telecommunications company’s relaunch will begin this week. And this could further increase enthusiasm on social media and boost the value of memecoin.

Celebrity memecoins retreat after hype

Despite MOTHER’s positive performance, most other meme tokens are “in the red.” As data from CoinGecko shows, total memecoin trading volume fell by more than 12.8% in the last 24 hours, totaling $5.46 billion, indicating a decrease in overall interest.

Some of this year’s favorite memecoins, such as PEPE, BONK, and Book of Meme (BOME), suffered significant losses last week, with drops of 17%, 20%, and over 20%, respectively.

But it’s not just “traditional” memecoins that are trading down. Celebrity meme cryptocurrencies also face difficulties.

The JENNER memecoin, for example, launched by American media personality Caitlyn Jenner, has fallen more than 75% from its all-time high on May 28. Data from CoinGecko also indicates that Nigerian singer David Adedeji Adeleke Oon’s Timeless Davido (DAVIDO) token has plummeted 77% since its peak on May 30.

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