The launch of Iggy Azalea's new memecoin, Mother Iggy (MOTHER), has been overshadowed by allegations of significant insider trading activity.
The launch of Iggy Azalea's new memecoin, Mother Iggy (MOTHER), has been overshadowed by allegations of significant insider trading activity. According to blockchain analytics platform Bubblemaps, an insider offloaded about 10% of the coin’s total supply on May 29. The insider, whose account starts with "JEET," reportedly acquired over 109 million MOTHER tokens through an over-the-counter deal. Most of these tokens were then quickly sold on the market.
Data from Solscan reveals that JEET received 127.5 million MOTHER from the deployer account. These funds were subsequently distributed to various wallets, with at least one wallet selling 20 million MOTHER into the Raydium liquidity pool via multiple transactions. In a detailed thread on X, Bubblemaps highlighted the extensive insider activity surrounding MOTHER. The thread claimed that over 20% of the total supply was bought by insiders directly from the launch team, with more than $2 million worth already sold by the time of the post.
Bubblemaps also pointed out that the sale of 89 million tokens netted the insider approximately $1.4 million in profits, with an additional $400,000 in unrealized gains still held. Further blockchain data from Solscan shows that the JEET wallet received 86.9 million MOTHER at 9 p.m. UTC on May 28, followed by another 40.6 million in a separate transaction, totaling 127.5 million MOTHER or 12.75% of the coin's total supply. The account also bought 9.2 million MOTHER from the Raydium liquidity pool.
Iggy Azalea launched the MOTHER token on May 28, joining a wave of celebrities releasing memecoins on Solana. Other recent entrants include Caitlyn Jenner, rappers Soulja Boy and Rich The Kid, and models Kazumi and Ivana Knöll. Some celebrities have voiced concerns about being misled by entrepreneur Sahil Arora.
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