The new Iggy Azalea memecoin, Mother Iggy (MOTHER), has exhibited “huge insider activity,” with one insider selling approximately 10% of the coin’s total supply on May 29, according to blockchain analytics platform Bubblemaps.

The insider, who owns an account that begins with “JEET,” allegedly purchased over 109 million coins through an over-the-counter deal, most of which were subsequently dumped on the market. 

Solscan data shows that JEET received 127.5 million MOTHER from the deployer account. They subsequently sent these funds to several other wallets, with at least one of the wallets selling 20 million MOTHER into the Raydium liquidity pool through multiple transactions.

In an X thread, Bubblemaps said, “We found huge insider activity on $MOTHER.” According to the thread, over 20% of the coin’s total supply was purchased by insiders directly from the launch team, and over $2 million worth had already been sold by the time the post was made.

Source: Bubblemaps

Bubblemaps also claimed that the JEET owner had received “109T MOTHER (10% of the supply).” The statement apparently intended to say “109M MOTHER,” as the coin has a 1 billion total supply, making 10% equal to 100 million coins rather than 100 trillion.

Eighty-nine million tokens were sent to other wallets and subsequently sold, netting the holder $1.4 million in profits. At the time of Bubblemaps’ post, the insider was apparently sitting on another $400,000 in unrealized profits.

JEET wallet cluster. Source: Bubblemaps

Bubblemaps claimed that the wallet is owned by a pseudonymous trader and user named “Invicible,” who is also active on X. Cointelegraph could not confirm the identity of the wallet owner.

According to blockchain data provided by Solscan, the JEET wallet received 86.9 million MOTHER from the deployer account at 9 p.m. UTC on May 28. In a separate transaction, it received an additional 40.6 million, bringing its total to 127.5 million. This represents 12.75% of the coin’s total supply.

The account also purchased 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, from which it was transferred again to an account ending in fDOL. At this point, the owner split the coins up and sent them into multiple wallets.

They sent 20 million coins to an account ending in BhQ5. Beginning at 1:14 am, BhQ5 made multiple swap transactions on the Jupiter aggregator and directly through the Raydium decentralized exchange. Each transaction sold from 200,000 to 1 million MOTHER, ultimately resulting in all of its funds being sold by 2:56 a.m.

BhQ5 account selling MOTHER. Source: Solscan

The funds held by BhQ5 represented just 20 million, or 15.6%, of the total 127.5 million originally held by JEET. Cointelegraph could not confirm whether the other wallets in the cluster sold their coins as well.

Iggy Azalea launched the MOTHER token on May 28, continuing a weeks-long trend of celebrities launching memecoins on Solana. Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult-content models Kazumi and Ivana Knöll have also released tokens recently.

Some of these celebrities have complained after the launch that they were scammed by entrepreneur Sahil Arora. In response, Arora has denied any wrongdoing in the token launches. Azalea stated on May 28 that her token launch had nothing to do with Arora, stating, “Sahil baby take your L and go already.”

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