SNEAK PEEK
- Iggy Azalea’s MOTHER token insider trading controversy
- Blockchain analytics reveal massive insider activity in MOTHER memecoin
- Celebrity memecoins: Iggy Azalea’s MOTHER token launch under scrutiny.
The latest memecoin by Iggy Azalea, Mother Iggy (MOTHER), has shown significant insider activity, with a single insider offloading around 10% of the total coin supply on May 29, as reported by blockchain analytics platform Bubblemaps.
This insider, identified by an account starting with “JEET,” is alleged to have acquired over 109 million coins through an over-the-counter transaction, most of which were then rapidly sold off.
Solscan data reveals that JEET received 127.5 million MOTHER from the deployer account. These funds were then distributed to several other wallets, with at least one wallet unloading 20 million MOTHER into the Raydium liquidity pool across multiple transactions.
In an X thread, Bubblemaps noted, “We found huge insider activity on $MOTHER.” The thread further disclosed that over 20% of the total supply was purchased by insiders directly from the launch team, with sales exceeding $2 million by the time of the post.
Bubblemaps also stated that the JEET owner received “109T MOTHER (10% of the supply),” which was later clarified to mean “109M MOTHER,” as the coin has a total supply of 1 billion, making 10% equal to 100 million coins, not 100 trillion.
Eighty-nine million tokens were transferred to other wallets and subsequently sold, netting the holder $1.4 million in profits, with an additional $400,000 in unrealized gains still held at the time of the post.
JEET wallet cluster. Source: Bubblemaps
Bubblemaps identified the wallet as belonging to a pseudonymous trader and Pump.fun user named “Invicible,” who is also active on X.
Blockchain data from Solscan indicates that the JEET wallet received 86.9 million MOTHER from the deployer account at 9 p.m. UTC on May 28. An additional 40.6 million were received in a separate transaction, totaling 127.5 million, which accounts for 12.75% of the coin’s total supply. The account also acquired 9.2 million MOTHER from the Raydium liquidity pool.
At 9:13 p.m., the JEET account transferred 83.3 million tokens to another account ending in jdMW, which then moved them to an account ending in fDOL. The owner then dispersed the coins into multiple wallets. One of these, ending in BhQ5, began selling 20 million coins through multiple swap transactions on the Jupiter aggregator and directly via the Raydium decentralized exchange, completing the sales by 2:56 a.m.
The 20 million coins sold by BhQ5 represented 15.6% of the total 127.5 million initially held by JEET. Cointelegraph could not confirm if the other wallets in the cluster also sold their coins.
Iggy Azalea launched the MOTHER token on May 28, joining a recent trend of celebrities releasing memecoins on Solana. Other celebrities, including Caitlyn Jenner, rappers Soulja Boy and Rich The Kid, and adult-content models Kazumi and Ivana Knöll, have also launched tokens recently.
Some of these celebrities have allegedly been scammed by entrepreneur Sahil Arora, who has denied any wrongdoing. Azalea asserted on May 28 that her token launch was independent of Arora, stating, Sahil baby take your L and go already.
