MOTHER token up 30% on Iggy Azalea and DWF Labs partnership

MOTHER memecoin creator Iggy Azalea has teamed up with a major crypto industry market maker. 

DWF Labs has announced a strategic partnership with Australian celebrity Iggy Azalea, the mind behind the contentious Solana-memecoin MOTHER. 

Details about the terms of Azalea’s deal with the market maker are scant, but DWF Labs said updates should follow shortly. DWF Labs founder Andrei Grachev had not responded to commentary requests from crypto.news at press time. 

The news was a boon to MOTHER’s price on Thursday, as the memecoin jumped over 30% shortly after the announcement. However, MOTHER had retraced some of the gains as of writing amid an ongoing market-wide slump.

Azalea’s MOTHER meme

Celebrity memecoins launched by figures like Azalea and Andrew Tate continue to draw attention within Solana’s booming ecosystem. MOTHER debuted around late May/early June to much debate on whether celebrities should field tokens in the first place.

The memecoin peaked at a $150 million market cap and garnered a cult-like following of crypto-native influencers who pushed the narrative on X Spaces and Telegram.

Last month, Azalea said the MOTHER token would be a payment method for smartphone and cell plans. The move promised utility for the memecoin, a rare development for these coins, which typically have no use case. Still, the token has seemingly lost steam and fallen over 85% from its all-time high per TradingView.