After reaching a market cap of almost $150 million, MOTHER, arguably one of the profitable movie star meme cryptocurrencies, has dropped greater than 57% to a market cap of $63.4 million.
Whereas MOTHER has seen its worth lower over the previous few weeks, its market cap remains to be a lot greater than the opposite movie star cash that have been deployed across the similar time.
(Shutterstock/Debby Wong)
Posted July 1, 2024 at 8:29 pm EST.
A number of weeks after the token was deployed on Solana, the market cap of MOTHER grew quickly to $148.97 million by June 16, however since then, the cryptocurrency related to Azalea has dropped almost 60% to a market cap of $59.9 million at presstime, in accordance with CoinGecko.
MOTHER’s decline comes as your entire crypto trade noticed an over $100 billion lower in its market cap since MOTHER’s all-time excessive in the midst of June.
Regardless of MOTHER shedding a considerable quantity of its market cap, Azalea’s cryptocurrency has carried out higher than its cohort of movie star tokens that rolled out across the similar time.
After an preliminary leap in price when these movie star tokens first deployed on Solana, tokens related to mainstream celebrities, particularly American media character Caitlyn Jenner, Nigerian singer-songwriter Davido, Ohio-born rockstar Trippe Redd, and American hip-hop artist Wealthy The Child, have plummeted.
Whereas MOTHER has seen its worth lower over the previous few weeks, its market cap remains to be greater than the opposite movie star cash, which every have a market cap of not more than $1.5 million.
Learn Extra: Superstar Tokens Proceed to Bleed With Some Memecoin Merchants Dropping Six-Figures
MOTHER vs. Different Superstar Tokens
What separates MOTHER from the opposite movie star tokens, partly, stems from the coin’s utility, Azalea’s fluency with crypto-native language sometimes within the type of social media memes, and her collaboration with a couple of high-profile companies.
Not solely can token holders presently spend their MOTHER tokens to accumulate tee shirts from Azalea’s merchandise retailer, however she additionally says they’ll use crypto to buy telephones and month-to-month plans from her telecommunications firm, Unreal Cellular.
“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 accomplice of AllianceDAO, wrote on X.
Azalea, who can also be on X and Telegram, widespread purposes for the crypto group, persistently creates and shares content material round 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,” stated Azalea in a put up on X the place she shared a “thirst trap,” a colloquial time period to explain a promiscuous picture.
“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 promoting tokens.
One high-profile agency that’s tied to MOTHER contains Wintermute, a distinguished algorithmic buying and selling agency that has an onchain portfolio of $166 million and gives liquidity to many exchanges, each decentralized and centralized. On June 19, Azalea introduced 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.”