Iggy Azalea's MOTHER token experiences a significant spike in value after the rapper reveals plans to relaunch her telecommunications company, offering smartphone purchases and mobile subscriptions to token holders.

In an X post on June 9, Azalea announced the imminent relaunch of the telecommunications company she co-founded, unveiling that holders of the Mother memecoin will soon have the opportunity to buy mobile phones and subscribe to monthly cellphone plans using MOTHER or Sol.

Following the announcement, MOTHER token sees a remarkable 30% surge in value within a 24-hour period, reaching $0.1958 as per CoinMarketCap data at 10:08 am UTC.

Azalea hints at an upcoming advertising campaign to promote the relaunch of her mobile company, suggesting the potential for increased social media buzz and further upward momentum for the memecoin.

Despite the positive movement for Azalea's MOTHER token, the broader meme token market appears subdued, with a notable decline in trading volume, down by over 12.8% to $5.46 billion over the past 24 hours.

Several popular memecoins, including Pepe, Bonk, and Book of Meme, record double-digit losses over the past week, reflecting a cooling interest among retail investors.

Unlike traditional cryptocurrencies, meme tokens lack intrinsic utility or underlying value, with their value heavily influenced by social media hype and retail demand, often resulting in considerable price volatility.

While Azalea's MOTHER token stands out with its surge, other celebrity-launched memecoins have struggled recently. Caitlyn Jenner's JENNER token and the Timeless Davido (DAVIDO) token, launched by Nigerian singer David Adedeji Adeleke Oon, have both experienced significant declines from their all-time highs.

The market downturn follows Jenner's entrance into the crypto space on May 28, which initially generated significant attention from retail investors but has since witnessed a notable decline in value for many celebrity-launched memecoins.