Rapper Iggy Azalea's MADRE token is gaining traction among traders and speculators.
The price of the MOTHER token has risen over 2,900% from its all-time low, giving it a market capitalization of over $153 million. Rapper Iggy Azalea, best known for singles like black widow, and Work, has become the latest sensation in the crypto industry.
This week, he promoted MOTHER, a token he hopes will become an industry-leading cryptocurrency. As crypto.news reported earlier this week, she believes the token will be used for commercial purposes such as purchasing smartphones and mobile phone plans.
MOTHER has continued to gain ground. In a post by x on Thursday, it was reported that the token will be integrated into Magic Eden, one of the industry's leading nft marketplaces. This integration means that users will be able to purchase nfts in the ecosystem using the new token.
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The token has also achieved other milestones in recent weeks. Azalea hired Fenwick, a leading law firm to help comply with the law and escalate. It has also been listed on various DEX and CEX platforms such as Helix, Kamino, Bitget and HTX.
Still, its popularity has raised questions about the future of celebrity-backed cryptocurrencies. Recently, Davido, a Nigerian singer, launched a token that failed after cashing out. Caitlin Jenner's record has also crashed.
At the same time, the number of similar tokens has skyrocketed. There are now many tokens targeting politicians like Joe Biden and Donald Trump. MAGA HAT and MAGAA tokens are taking advantage of the ongoing political season.
Some analysts We believe celebrity meme coins have become the new nfts, an industry that has nearly collapsed. Data by CryptoSlam shows that total nft sales have dropped by double digits in the last 30 days. ethereum and Solana handled tokens worth $158 million and $79 million in this period, down 52% and 46%, respectively.
MOTHER Token Price Forecast
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On the hourly chart, we see that the MADRE token price reached a high of $0.2613 on June 6. It has now fallen more than 40% since that time.
The token has formed a symmetrical triangle pattern, which is approaching its confluence level. It also remains at its 25 and 50 period moving averages, while the RSI has fallen below the 50 neutral point.
Therefore, the token's outlook is bearish with a bearish bias. A drop below the lower side of the triangle will indicate further weakness, and the next reference level to watch will be $0.10. This price is approximately 36% below the current level.
