Iggy Azalea’s recently launched Mother (MOTHER) token has surged after a surprising utility announcement.

Holders of the Mother memecoin will be able to purchase mobile phones and monthly cellphone subscription plans after Azalea relaunches her old telecommunications company.

Azalea announced the relaunch in a June 9 X post:

“Tomorrow, I’m finally relaunching the telecommunication company I co-founded, and you will be able to purchase phones or month-to-month cell plans using MOTHER or Sol.”

Following the announcement, the MOTHER token rose over 30% in the 24 hours up to 10:08 am UTC to trade at $0.1958, according to CoinMarketCap data.

Azalea added that the ad campaign for the mobile company's relaunch will roll out starting this week, which could translate into more social media hype and upward momentum for the memecoin.

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Azalea’s MOTHER token surges, but memecoins unaffected

Despite the 30% intraday surge of Azalea’s MOTHER token, most other meme tokens remain largely unaffected as retail interest has seemingly taken a break.

According to CoinMarketCap data, the total trading volume of meme tokens fell over 12.8% to $5.46 billion in the past 24 hours, showcasing a slump in interest.

Some of this year’s favorite memecoins have taken double-digit losses over the past week. The Pepe (PEPE) token fell 17%, the Bonk (BONK) fell over 20%, and the Book of Meme (BOME) coin fell over 20% during the past seven days.

Unlike most of the largest cryptocurrencies, memecoins have no intrinsic utility or underlying value. Retail supply and demand mechanics for meme tokens are widely based on social media hype, which often leads to high price volatility.

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Celebrity-launched memecoins are in the red

Most of the recently-launched celebrity memecoins are in the red, besides Azalea’s MOTHER token.

The JENNER memecoin, launched by American media personality Caitlyn Jenner, is down over 75% from its all-time high on May 28.

According to CoinGecko data, the Timeless Davido (DAVIDO) token is also down 77% from its all-time high of May 30. DAVIDO is a memecoin launched by Nigerian singer David Adedeji Adeleke Oon.

Most celebrity-launched memecoins started falling since Jenner’s crypto debut on May 28, which grabbed the attention of retail investors, making the JENNER coin top $30 million within the first 24 hours.

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