Rapper Iggy Azalea’s crypto token continued its rebound after she unveiled plans to release an online casino called Motherland.
Mother Iggy (MOTHER) rebounded to a high of $0.0950, up by 180% from its August low. This recovery has brought its valuation to over $88 million.
Part of the surge can be attributed to Azalea’s decision to launch Motherland, an online casino that will use her token for transactions. The casino, set to launch in November, will feature games like blackjack, roulette, and poker.
This initiative is part of her strategy to ensure that the MOTHER token is not just another meme coin. Azalea hopes to give it more utility, including enabling users to purchase phones and monthly plans.
However, MOTHER and other celebrity tokens remain significantly lower than their levels a few months ago. MOTHER has dropped by 63% from its highest point this year.
Similarly, Andrew Tate’s (DADDY) token has plunged by over 74% from its record high, while Caitlyn Jenner’s (JENNER) has slumped by over 96%, giving it a market cap of just $170,000. All celeb tokens tracked by CoinGecko have a market cap of $92 million.
Meanwhile, Polymarket users have raised their odds that the U.S. government will bring charges against Azalea. Odds of her being charged rose to 25%, the highest level since July 28, and up from this month’s low of 8%.
Celebrities have been charged in the past for promoting cryptocurrencies. In 2022, Kim Kardashian paid $1.26 million to the Securities and Exchange Commission on allegations that she touted the EMAX token. The SEC also fined Floyd Mayweather and DJ Khaled for launching initial coin offerings.
MOTHER is forming a cup and handle
The MOTHER token has bounced back and crossed the 25-day Exponential Moving Average. It has also risen above the weak stop-and-reverse point of the Murrey Math Lines at $0.0855.
Additionally, there are signs that it is forming a cup and handle chart pattern, a popular bullish indicator. It has also established a triple-bottom pattern at $0.033, while the Average Directional Index has risen to 34, indicating a strong trend.
Therefore, the MOTHER token is likely to continue rising ahead of the Motherland casino launch in November.
