2024

Raydium

Mother Iggy

Coin

The new memecoin Mother Iggy (MOTHER), launched by rapper Iggy Azalea, has been involved in controversy following revelations of insider activity. Blockchain analytics platform Bubblemaps identified that an insider, linked to an account starting with “JEET”, sold approximately 10% of the coin’s total supply on May 29.
Data from Solscan indicates that JEET received 127.5 million MOTHER from the deployer account, significantly impacting the market by distributing these coins across several wallets. At least one wallet sold 20 million MOTHER through the Raydium liquidity pool. This insider <a href="https://x.com/bubblemaps/status/1795813048067952702" target="_blank" rel="noopener noreferrer nofollow">activity </a>resulted in $1.4 million in realized profits, with an additional $400,000 in unrealized gains still held by the insider.
Furthermore, the platform claims that over 20% of the coin’s supply was <a href="https://x.com/bubblemaps/status/1795812940295061942" target="_blank" rel="noopener noreferrer nofollow">purchased</a> by insiders directly from the launch team, with over $2 million worth being sold before Bubblemaps’ post. Iggy Azalea’s token launch on May 28 is part of a larger trend of celebrities releasing memecoins on the Solana blockchain.&nbsp;
Greeny notes the potential for $MOTHER on Solana ($SOL) at the 0.618 Fibonacci level, amidst rapper Iggy Azalea’s active involvement. 
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 <a href="https://twitter.com/search?q=%24MOTHER&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$MOTHER</a> on <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> Holding the 0.618 Fib currently. It could break up from here, keeping a very close eye on it. I buy at the 0.786 if we see it My current take: <a href="https://twitter.com/IGGYAZALEA?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@IGGYAZALEA</a> is an absolute DEGEN. She's in the trenches every day: she gets it. Plus she's a fellow Aussie 🇦🇺 <a href="https://t.co/QalHIkuWX3" target="_blank" rel="noopener noreferrer nofollow">https://t.co/QalHIkuWX3</a> <a href="https://t.co/JQ5tMpQ3UD" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/JQ5tMpQ3UD</a>— Greeny 🇦🇺 (@greeny_eth) <a href="https://twitter.com/greeny_eth/status/1795888854643126784?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 29, 2024</a>
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Some celebrities, like Caitlyn Jenner and Soulja Boy, have created digital tokens. But there have been reports of scams, with some blaming entrepreneur Sahil Arora, though he denies involvement in these incidents. Azalea confirmed her token launch was independent of Arora.
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 Also read: <a href="https://www.cryptotimes.io/2024/05/24/hanes-pleads-guilty-to-embezzling-47-1m-in-federal-court/" rel="noopener noreferrer nofollow">Man Pleads Guilty in $47M Crypto Scam, Causing Bank Collapse</a>
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Iggy Azalea’s MOTHER Coin Faces Insider Trading Scandal

The Crypto Times

Other articles published on May 29, 2024

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