Odds of Iggy Azalea lawsuit rise amid online casino plans

Rapper Iggy Azalea’s cryptocurrency continued its rise after she announced plans to open an online casino called Motherland.

Mother Iggy (MOTHER) is up 180% from its August lows to $0.0950. This recovery has pushed its valuation above $88 million.

Some of this growth can be attributed to Azalea’s decision to launch Motherland, an online casino that will use her token for transactions. The casino, which is set to launch in November, will feature games like blackjack, roulette, and poker.

This initiative is part of a strategy to make sure the MOTHER token isn’t just another meme coin. Azalea hopes to bring more utility to it, including allowing users to buy phones and monthly plans.

However, MOTHER and other popular tokens remain significantly lower than they were a few months ago. MOTHER is down 63% from its high this year.

Similarly, Andrew Tate’s (DADDY) token is down more than 74% from its record high, while Caitlyn Jenner’s (JENNER) token is down more than 96% and has a market cap of just $170,000. The market cap of all celebrity tokens tracked by CoinGecko is $92 million.

Meanwhile, Polymarket users have increased the odds that the U.S. government will sue Azalea. The odds of her being charged have risen to 25%, the highest level since July 28 and up from 8%, the lowest level this month.

Iggy Azalea lawsuit possibility rising | Source: Polymarket

Celebrities have been accused of promoting cryptocurrencies in the past. In 2022, Kim Kardashian paid the Securities and Exchange Commission $1.26 million for allegedly promoting the EMAX token. The SEC also fined Floyd Mayweather and DJ Khaled for launching initial coin offerings.

MOTHER forming a cup and handle MOTHER price chart | Source: TradingView

The MOTHER token recovered and surpassed the 25-day Exponential Moving Average and also climbed above the weak stop-and-reverse point of the Murrey Math Lines at $0.0855.

Additionally, there are signs that it has formed a cup and handle chart pattern, a popular bullish indicator. It has also formed a triple bottom pattern at $0.033 and the Average Directional Index has risen to 34, indicating a strong trend.

Therefore, the MOTHER token is likely to continue its rise ahead of the Motherland casino launch in November.