Bitget Wallet Integrates Solana Blinks for Enhanced User Interaction
July 14, 2024
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Bitget Wallet now supports the Solana Blinks feature. Users who…
Iggy Azalea’s MOTHER Coin Skyrockets 58% Following DWF Labs Partnership Announcement
The MOTHER Iggy (MOTHER) token, inspired by Australian singer Iggy Azalea and hosted on the Solana (SOL) blockchain, saw an impressive 58% surge in its value on Thursday. This spike made it the day’s standout performer, coinciding with the announcement of a new collaboration with Web3 investor and market maker, DWF Labs.
Iggy Azalea’s Strategic Partnership with DWF Labs
In a series of announcements on the social media platform X (formerly Twitter), DWF Labs unveiled its strategic partnership with Azalea, who has recently transitioned into a crypto investor. DWF Labs highlighted its shift towards fostering “next-generation” liquidity partnerships aimed at bolstering crypto projects.
Azalea has entrusted her complete holdings of MOTHER tokens to DWF Labs and Wintermute, a firm specializing in algorithmic trading of digital assets. This move underscores her confidence in their ability to enhance the token’s financial stability. A social media user noted the significance of this decision, pointing out that the locking of founder tokens makes the MOTHER token “unruggable.”
Details of the collaboration remain sparse, leaving speculation open about how this partnership may influence the token’s future price and stability.
MOTHER Token’s Market Dynamics
This partnership marks another step in Azalea’s deepening involvement with the MOTHER token. In June, she announced her plans to rejuvenate a telecommunications company she co-founded, which immediately led to a 27% increase in the token’s value following the announcement.
Azalea aims to allow MOTHER and Solana token holders to purchase mobile phones or pay for wireless plans using their tokens. She stated that the payment infrastructure for these transactions would be managed by Sphere Labs, with Unreal Mobile providing the phone services. This development initially pushed the token’s price above $0.2300.
Following the recent announcement and the ensuing collaboration with DWF Labs, the MOTHER token experienced nearly a 60% surge in early trading hours on Thursday, reaching a 5-day peak of $0.04816.
Despite the surge, the MOTHER token has experienced a significant decline since reaching an all-time high of $0.2306 on June 6th, now sitting 85% lower than its peak.
As of now, the token has stabilized at a trading price of $0.0347, reflecting the past month’s volatility and a 16% drop over the last week. Looking ahead, if the current uptrend persists, the token faces a resistance hurdle at $0.0349, a level that has previously acted as a significant barrier. Conversely, the next support level is set at $0.286.
