Key Insights

• Iggy Azalea’s MOTHER token launch was marred by insider trading. One account sold 10% of the supply for large profits.
• Blockchain data shows a single insider distributed and sold millions of MOTHER tokens, raising transparency concerns in the cryptocurrency market.
• Celebrity memecoin launches on Solana, including MOTHER, face scrutiny as insider trading and pseudonymous accounts create market volatility.

The newly launched Iggy Azalea memecoin, Mother Iggy (MOTHER), has been scrutinized due to insider trading. 

According to blockchain analytics platform Bubblemaps, an insider sold around 10% of the total coin supply on May 29. The insider, identified through an account beginning with “JEET,” acquired over 109 million coins via an over-the-counter transaction and sold many of these holdings for profit.

Blockchain data from Solscan reveals that the JEET account initially received 127.5 million MOTHER tokens from the deployer account. These tokens were later distributed to various other wallets, with at least one wallet offloading 20 million MOTHER into the Raydium liquidity pool through several transactions.

Insider Activity and Token Distribution

Bubblemaps, in a thread on X, disclosed that over 20% of the total MOTHER supply was purchased by insiders directly from the launch team. By their post, insiders had sold over $2 million worth of the token. 

We found huge insider activity on $MOTHER ?

Insiders bought 20% of the supply at launch, before Iggy Azaela (@IGGYAZALEA) made the announcement, and already dumped $2M.

A thread ? ? pic.twitter.com/tQFHt1yZfO

— Bubblemaps (@bubblemaps) May 29, 2024

The analytics firm indicated that the JEET account holder, identified as a pseudonymous trader named “Invicible,” had initially received 109 million MOTHER. However, this statement was later clarified to reflect 109 million rather than an erroneous figure of 109 trillion.

Further investigation by Bubblemaps revealed that 89 million tokens were sent to other wallets, resulting in $1.4 million in realized profits for the insider. At the time of reporting, the insider still held an additional $400,000 in unrealized gains. The identity of the wallet owner remains unconfirmed.

Transaction Details and Token Movements

Blockchain data corroborated by Solscan indicates that the JEET wallet received 86.9 million MOTHER tokens from the deployer account at 9 p.m. UTC on May 28, followed by an additional 40.6 million tokens in a separate transaction. This accumulation represented 12.75% of the coin’s total supply. Additionally, the account 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 passed the tokens to an account ending in fDOL. The owner further splits these tokens across multiple wallets. 

Notably, 20 million tokens were transferred to an account ending in BhQ5. At 1:14 a.m., BhQ5 executed several swap transactions through the Jupiter aggregator and Raydium decentralized exchange, selling from 200,000 to 1 million MOTHER per transaction. By 2:56 a.m., all funds held by BhQ5 had been sold.

Celebrity Involvement in Memecoin Launches

Iggy Azalea’s launch of the MOTHER token on May 28 aligns with a recent trend of celebrities releasing memecoins on the Solana blockchain. Celebrities, including Caitlyn Jenner, Soulja Boy, Rich The Kid, and adult-content models Kazumi and Ivana Knöll, have also launched tokens recently.

However, some celebrities have expressed dissatisfaction, alleging that they were misled by entrepreneur Sahil Arora. Arora has refuted these claims, maintaining that he has not engaged in any wrongdoing concerning the token launches. In response to these controversies, Azalea clarified that her token launch was independent of Arora, stating, 

“Sahil baby, take your L and go already.”

Bubblemaps’ revelations have raised concerns about the integrity of the MOTHER token launch. Insider trading activities like those identified can undermine investor confidence and potentially lead to market volatility. The involvement of pseudonymous traders and the complex web of transactions highlighted by blockchain data underscore the challenges in regulating and ensuring transparency within the cryptocurrency market.

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