Rapper Iggy Azalea’s new memecoin, MOTHER (MOTHER), has been embroiled in controversy after accusations of insider trading surfaced on May 29th. Blockchain analysis firm Bubblemaps identified a large sell-off by an account linked to “JEET,” believed to be an insider associated with the launch team.
JEET allegedly dumped around 10% of the total MOTHER supply, significantly impacting the market. Data from Solscan shows JEET received a massive amount of MOTHER tokens from the deployer account, then distributed them across several wallets. At least one of these wallets cashed out, selling MOTHER through a liquidity pool. This insider activity is estimated to have netted $1.4 million in profits, with potentially another $400,000 in unrealized gains.
Furthermore, Bubblemaps claims that over 20% of the coin’s supply was acquired by insiders before the public launch, with a portion being sold before their report. This raises concerns about fair market practices.
Iggy Azalea’s MOTHER launch, which took place on May 28th, is part of a growing trend of celebrities releasing their own memecoins on the Solana blockchain. However, the industry has seen its share of scams, with some pointing fingers at entrepreneur Sahil Arora. Azalea has maintained her token launch is independent of Arora.
Iggy Azalea has not yet publicly addressed the insider trading allegations.
Other celebrities, like Caitlyn Jenner, have also launched their own digital tokens. However, there’s no update on whether Jenner distanced herself from Arora after the recent accusations.
Also read: Man Pleads Guilty in $47M Crypto Scam, Causing Bank Collapse
