Memecoin

Mother Iggy

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 The newly launched Mother Iggy ($MOTHER) memecoin by rapper Iggy Azalea has been rocked by insider trading allegations just days after its May 28 launch on the Solana blockchain. 
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Blockchain analytics firm Bubblemaps has<a style="color: #0000ff;" href="https://twitter.com/bubblemaps/status/1795812940295061942?s=19"> called out</a> significant insider trading activity related to the wallet “JEEt”. This insider, identified as “invicible” on Solana-based memecoin marketplace, pump.fun, allegedly received over 127.5 million MOTHER tokens (over 10% of the 1 billion total supply) from the deployer account immediately after launch. 
Bubblemaps claimed the insider then dispersed the tokens across seven wallets before selling 89 million coins, about 10% of the supply, on May 29. On-chain<a style="color: #0000ff;" href="https://solscan.io/account/JEEt3D1dZynWcgEcpPCNP2FvSbydHJiyfurU6QKVDVMH?address=3S8qX1MsMqRbiwKg2cQyx7nis1oHMgaCuc9c4VfvVdPN#splTransfers"> data</a> shows the “JEEt” wallet distributed the 127.5 million tokens to multiple wallets, with one wallet selling 20 million MOTHER via the Raydium liquidity pool for a $1.4 million profit. The insider is<a style="color: #0000ff;" href="https://twitter.com/bubblemaps/status/1795812940295061942?s=19"> estimated</a> to still hold around $400,000 in unrealized gains. 
The analytics platform<a style="color: #0000ff;" href="https://twitter.com/bubblemaps/status/1795812940295061942?s=19"> claimed</a> insiders acquired over 20% of the supply at launch before Azalea <a style="color: #0000ff;" href="https://x.com/IGGYAZALEA/status/1795613234889945465">promoted</a> it, already dumping $2 million worth of tokens before the allegations came to light. 
Though the investigation is ongoing, the insider trading allegations represent a significant credibility hit for MOTHER and other celebrities launching cryptocurrencies.&nbsp;&nbsp; 
Crypto stakeholders have began to <a style="color: #0000ff;" href="https://twitter.com/waleswoosh/status/1795046157674045567?t=GUEycSgKCqNwKV0SwjF8lQ&amp;s=19">raise concerns</a> about market manipulation and the integrity of celebrity crypto projects. Notably, celebrities like <a style="color: #0000ff;" href="https://www.theblock.co/post/296810/caitlyn-jenner-pump-fun">Caitlyn Jenner</a> and Soulja Boy recently announced ventures in the memecoin space.&nbsp; 
Retail and non-crypto investors have been advised to be very<a style="color: #0000ff;" href="https://twitter.com/bubblemaps/status/1795813316478001220?s=19"> cautious</a> and to study the investment thoroughly before putting money into any cryptocurrency investment—especially those promoted by high-profile celebrities. 
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The post <a href="https://defi-planet.com/2024/05/iggy-azaleas-memecoin-mother-faces-insider-trading-allegations/">Iggy Azalea’s Memecoin $MOTHER Faces Insider Trading Allegations</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Iggy Azalea’s Memecoin $MOTHER Faces Insider Trading Allegations

DeFi Planet

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