After reaching a market cap of nearly $150 million, MOTHER, arguably one of the most successful celebrity meme cryptocurrencies, has dropped more than 57% to a market cap of $59.9 million.
While MOTHER has seen its value decrease over the past few weeks, its market cap is still much higher than the other celebrity coins that were deployed around the same time.
(Shutterstock/Debby Wong)
Posted July 1, 2024 at 8:29 pm EST.
A few weeks after the token was deployed on Solana, the market cap of MOTHER grew rapidly to $148.97 million by June 16, but since then, the cryptocurrency associated with Azalea has dropped nearly 60% to a market cap of $59.9 million at presstime, according to CoinGecko.
MOTHER’s decline comes as the entire crypto industry saw an over $100 billion decrease in its market cap since MOTHER’s all-time high in the middle of June.
Despite MOTHER losing a substantial amount of its market cap, Azalea’s cryptocurrency has performed better than its cohort of celebrity tokens that rolled out around the same time.
After an initial jump in price when these celebrity tokens first deployed on Solana, tokens associated with mainstream celebrities, namely American media personality Caitlyn Jenner, Nigerian singer-songwriter Davido, Ohio-born rockstar Trippe Redd, and American hip-hop artist Rich The Kid, have plummeted.
While MOTHER has seen its value decrease over the past few weeks, its market cap is still higher than the other celebrity coins, which each have a market cap of no more than $1.5 million.
Read More: Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures
MOTHER vs. Other Celebrity Tokens
What separates MOTHER from the other celebrity tokens, in part, stems from the coin’s utility, Azalea’s fluency with crypto-native language typically in the form of social media memes, and her collaboration with a few high-profile firms.
Not only can token holders currently spend their MOTHER tokens to acquire tee shirts from Azalea’s merchandise store, but she also says they can use crypto to purchase phones and monthly plans from her telecommunications company, Unreal Mobile.
“Iggy is experimenting with the idea of an online shop where merch must be paid using $MOTHER… this is why it’s a bad idea to shoot down the entire vertical of celeb coins – or any new vertical in crypto for that matter – because of a few bad actors,” Qiao Wang, the founding partner of AllianceDAO, wrote on X.
Azalea, who is also on X and Telegram, popular applications for the crypto community, consistently creates and shares content around MOTHER memes. “I vow to keep it sexy. I vow to work on my sexy weekly & I vow to be a brother/sister of all freaky koalas, wiping out their chlamydia troubles with the power of my sexiness,” said Azalea in a post on X where she shared a “thirst trap,” a colloquial term to describe a promiscuous photo.
“I swear to keep it 100% spicy and alluring, indulging in life’s delights without hesitation, always ready to eat the peach & steering clear of ever ‘jeeting’ my good times away. In $Mother I trust,” she added. “Jeeting” is crypto parlance for selling tokens.
One high-profile firm that is tied to MOTHER includes Wintermute, a prominent algorithmic trading firm 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 besties,” with Wintermute CEO Evgeny Gaevoy responding with a gif that says, “Well, a boy’s best friend is his mother.”
