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Significant Insider Activity Detected in Iggy Azalea's New Memecoin, Mother Iggy (MOTHER)

Algoine News
Summary:
Iggy Azalea's recently launched memecoin, Mother Iggy (MOTHER), has shown significant insider activity, with a major sale of the coin happening on May 29. An account known as "JEET", possibly owned by a trader named "Invicible", bought over 109 million coins via an over-the-counter deal and later dumped them on the market. It's estimated this earned the owner around $1.4 million in profits with a further $400,000 in unrealized profits. Furthermore, more than 20% of the total coin supply was bought directly from the launch team by insiders. These revelations have raised concerns about insider dealings in this budding market.
The recently launched memecoin by Iggy Azalea, known as Mother Iggy (MOTHER), has been marked by significant insider activity. An insider reportedly sold around 10% of the total supply of the coin on May 29, as per the blockchain analytics provider Bubblemaps. It appears the insider, whose account starts with "JEET," acquired in excess of 109 million coins in an over-the-counter transaction, the majority of which were later unloaded onto the market. Solscan’s records indicate that the deployer account transferred 127.5 million MOTHER to JEET, which was then distributed to various other wallets. Notably, one wallet sold 20 million MOTHER into the Raydium liquidity pool via numerous operations.  Bubblemaps reported on an X thread of considerable insider dealings on $MOTHER. As per the thread, more than 20% of the coin’s total supply was procured directly by insiders from the launch team. Over $2 million in coin value had been sold by the time the thread was posted. Bubblemaps further contended that the owner of JEET took receipt of “109T MOTHER (10% of the total supply).” However, the statement seemingly meant to refer to "109M MOTHER", given the coin's total supply is 1 billion, rendering 10% equal to 100 million coins not 100 trillion. Eighty-nine million tokens were delivered to other wallets and subsequently sold, generating profits for the holder of $1.4 million. According to Bubblemaps, the insider was also holding onto an additional $400,000 in unrealized profits. Bubblemaps alleges that the wallet owner is a pseudonymous trader and Pump.fun user by the alias “Invicible,” also active on X. The identity of the wallet owner could not be verified by Cointelegraph.The JEET wallet took receipt of 86.9 million MOTHER from the deployer account at 9 p.m. UTC on May 28, according to the blockchain data from Solscan. An additional 40.6 million were received in a separate transaction, making the total 127.5 million, or 12.75% of the coin's total supply. The account also procured 9.2 million MOTHER from the Raydium liquidity pool. It was observed that, at 9:13 pm, the JEET account transferred 83.3 million tokens to yet another account terminated in jdMW, from where it was again transferred to an account ending in fDOL. Subsequently, the owner divided the coins and transferred them into various wallets. That included a transfer of 20 million coins to a wallet ended in BhQ5. Beginning at 1:14 a.m., BhQ5 carried out multiple swap transactions on the Jupiter aggregator and directly through the Raydium decentralized exchange. Each trade sold between 200,000 and 1 million MOTHER, ultimately ending with all of its funds being sold off by 2:56 a.m. Cointelegraph was unable to ascertain whether the other wallets in the cluster also sold their coins.Iggy Azalea introduced the MOTHER token on May 28, following the ongoing trend of celebrities launching memecoins on Solana. Other celebrities who have done similar include Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult-content models Kazumi and Ivana Knöll. Notably, some of these celebrities have expressed dissatisfaction following the launch, claiming they were defrauded by entrepreneur Sahil Arora. In return, Arora refuted any missteps in the token launches. Azalea categorically mentioned on May 28 that her token launch was not associated with Arora, remarking, “Sahil baby take your L and go already.”

Published At

5/29/2024 10:45:11 PM

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