The famous symbol inspired by Australian singer Iggy Azalea, Mother Eiji MOTHER, a token on the Solana (SOL) blockchain, saw a massive 58% surge on Thursday, emerging as the market’s top performer as the meme coin announced a new collaboration with Web3 investor and market maker DWF Labs.
Iggy Azalea Collaborates with DWF Labs
DWF Laboratories, through a series of Supports Social media platform X (formerly known as Twitter) has announced a strategic partnership with cryptocurrency investor Iggy Azalea, with the company recently signaling a new chapter for the company, with a focus on “next-generation” liquidity partnerships to support crypto projects.
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In response to the collaboration, Iggy Azalea open It has loaned its entire MOTHER 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 further stabilize and fund the token. One user said on social media: Confirmed The importance of this move is to highlight that the founder tokens are now locked, ensuring the “unhackable” nature of the token.
However, no further details about the collaboration have been provided by either party, leaving questions as to how the partnership will contribute to the MOTHER price boost or stability in the coming months.
Mother price analysis
This latest partnership adds to Iggy Azalea’s growing involvement in meme coinage, as the singer has become reveal plans In June, it announced the revival of a telecom company it co-founded, which had an immediate positive impact on the price of the MOTHER token, sending it up 27% at the time of the announcement.
Azalea shared her vision for 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 managed by technology company Sphere Labs, with phone services provided by Unreal Mobile, which led to Rising prices Above $0.2300 for meme coin.
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With the recent announcement and partnership between the meme coin and DWF Labs, the token’s value surged by 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 launch of the meme coin, MOTHER has steadily declined after reaching All time high The US dollar exchange rate was $0.2306 on June 6, and is now down 85% from that level.
Currently, the token has corrected to the current trading price of $0.0347, indicating the volatility it has seen over the past month, while the token also indicates a 16% price drop over the past seven days.
However, in a likely scenario where the current uptrend continues, the $0.0349 level will be the next hurdle for the meme coin to overcome, as it has acted as a resistance wall for the token in the past week. On the other hand, the next support level lies at $0.286.
Featured image by DALL-E, chart by TradingView.com