Iggy Azalea’s new memecoin, Mother Iggy (MOTHER), showed “huge insider activity,” with one insider selling nearly 10% of the coin’s total supply on May 29, according to Iggy Azalea’s analytics platform. blockchain Bubblemaps.
The insider, who has an account starting with “JEET”, allegedly purchased over 109 million coins in an over-the-counter transaction, most of which were then released to the market.
Solscan data shows that JEET received 127.5 million MOTHERS from the publisher’s account. They then sent these funds to several other wallets, with at least one of the wallets selling 20 million MOTHER into the Raydium liquidity pool via multiple transactions.
On Series X, Bubblemaps said: “We found massive internal activity on $MOTHER. » According to the thread, more than 20% of the total coin supply was purchased by insiders directly from the launch team, and more than $2 million had already been sold at the time of publication.
Bubblemaps also claimed that JEET’s owner received “109T MOTHER (10% of supply)”. The statement appears to mean “109M MOTHER” because the total coin supply is $1 billion, making 10% equal to 100 million coins instead of 100 trillion.
Eighty-nine million tokens were sent to other wallets and then sold, generating $1.4 million in profit for the holder. At the time Bubblemaps was published, it was clear that the insider had another $400,000 in unrealized gains.
Bubblemaps claimed that the wallet belonged to a pseudonymous trader and Pump.fun user named “Invicible,” who is also active on X. Cointelegraph was unable to confirm the identity of the wallet’s owner.
According to blockchain data provided by Solscan, the JEET wallet received 86.9 million MOTHER from the publisher’s account as of 9 p.m. UTC on May 28. In a separate transaction, she received an additional 40.6 million, bringing her total to 127.5 million. This represents 12.75% of the total money supply.
The account also purchased 9.2 million MOTHER from Raydium’s liquidity pool.
At 9:13 p.m., the JEET account transferred 83.3 million tokens to another account ending in jdMW, from which it was transferred back to an account ending in fDOL. At this point, the owner split the coins and sent them to multiple wallets.
They sent 20 million coins to an account ending in BhQ5. As of 01:14, BhQ5 made several swap transactions on the Jupiter pool and directly through the decentralized exchange Raydium. Each trade sold from 200,000 to 1 million MOTHER, ultimately selling all of its funds at 2:56 a.m.
The funds held by BhQ5 represent only 20 million, or 15.6%, of the total 127.5 million initially held by JEET. Cointelegraph was unable to confirm whether other wallets in the group had also sold their coins.
Iggy Azalea launched the MOTHER token on May 28, continuing a weeks-long trend of celebrities launching memecoins on Solana. Caitlyn Jenner, Soul rappers Ja Boy and Rich the Kid, and adult content models Kazumi and Ivana Knoll have also recently issued tokens.
Some of these celebrities complained after the launch that they were scammed by businessman Sahil Arora. In response, Arora denied any wrongdoing during the token launch. Azalea said on May 28 that her symbolic launch had nothing to do with Arora, saying, “Sahil Baby, grab your L and go already.”
