The famous token inspired by Australian singer Iggy Azalea, the Mother Iggy (MOTHER) token on the Solana (SOL) blockchain, experienced a significant surge of 58% on Thursday, emerging as the top performer in the market, as the meme coin announced a new collaboration with Web3 investor and market maker DWF Labs.
Iggy Azalea Collaboration With DWF Labs
DWF Labs, through a series of posts on social media platform X (formerly Twitter), announced its strategic partnership with now crypto investor Iggy Azalea, as the company recently signaled a new chapter for the company, focusing on “next generation” liquidity partnerships to support crypto projects.
In response to the collaboration, Iggy Azalea revealed that she had loaned her entire MOTHER token holdings to DWF Labs and Wintermute, an algorithmic trading firm specializing in digital assets.
By entrusting her holdings to these market makers, Azalea expressed confidence in their expertise and ability to increase the token’s stability and finance. One user on social media emphasized the significance of this move, highlighting that the founder tokens are now locked, ensuring the token’s “unruggable” nature.
However, no further details on the collaboration were provided by either party, leaving questions as to how the partnership will potentially boost MOTHER’s price or its stability in the coming months.
MOTHER Price Analysis
This latest partnership adds to Iggy Azalea’s growing involvement with the meme coin, as the singer unveiled plans in June to revive a telecommunications company she co-founded, which had an immediate positive impact on the price of the MOTHER token, resulting in a 27% spike at the time of the announcement.
Azalea shared her vision of allowing MOTHER and Solana token holders to use their tokens to purchase phones or monthly wireless plans.
The singer revealed in her statement that the payment infrastructure for these transactions will be handled by technology company Sphere Labs, with phone services provided by Unreal Mobile, which led to a price spike above the $0.2300 mark for the meme coin.
With the recent announcement and the partnership of the meme coin with DWF Labs, the token surged nearly 60% in the early hours of Thursday, with the MOTHER token hitting a 5-day high of $0.04816.
However, after the initial hype surrounding the inception of the meme coin, MOTHER has steadily declined after hitting an all-time high of $0.2306 on June 6th, now down 85% from that level.
Currently, the token has corrected to its current trading price of $0.0347, which shows the volatility experienced over the past month, while the token also notes a 16% price drop over the past seven days.
However, in the potential scenario where the current uptrend continues, $0.0349 will be the next obstacle to overcome for the meme coin, as it has acted as a resistance wall for the token in the past week. On the other hand, the next support level is at $0.286.
Featured image from DALL-E, chart from TradingView.com