The recently introduced cryptocurrency, Mother Iggy (MOTHER), associated with Iggy Azalea, has experienced significant insider activity, as reported by blockchain analytics platform Bubblemaps. According to Bubblemaps, an insider with the account starting with “JEET” sold around 10% of the total supply of MOTHER coins on May 29. This insider allegedly acquired over 109 million coins through an over-the-counter deal and subsequently dumped most of them on the market.
Data from Solscan reveals that JEET received 127.5 million MOTHER coins from the deployer account. These funds were then sent to various other wallets, with at least one of them selling 20 million MOTHER coins into the Raydium liquidity pool through multiple transactions.
A post on Bubblemaps’ X thread stated, “We found huge insider activity on $MOTHER.” According to the post, insiders purchased over 20% of the total supply of the coin directly from the launch team, and over $2 million worth of coins had already been sold at the time of the post.
Bubblemaps also claimed that the owner of the JEET wallet had received “109T MOTHER (10% of the supply).” However, this statement seems to have intended to say “109M MOTHER,” as the coin’s total supply is 1 billion, making 10% equal to 100 million coins, not 100 trillion.
The JEET wallet sent 89 million tokens to other wallets, which were subsequently sold, resulting in a profit of $1.4 million for the holder. At the time of Bubblemaps’ post, the insider had unrealized profits of around $400,000.
Bubblemaps suggested that the wallet belonged to a pseudonymous trader and Pump.fun user named “Invicible,” who is also active on X. However, the identity of the wallet owner could not be confirmed by Cointelegraph.
According to blockchain data from Solscan, the JEET wallet received 86.9 million MOTHER coins from the deployer account on May 28 at 9 p.m. UTC. In a separate transaction, it received an additional 40.6 million coins, bringing its total to 127.5 million, which represents 12.75% of the coin’s total supply.
The account also purchased 9.2 million MOTHER coins 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 was then transferred again to an account ending in “fDOL.” At this point, the owner split the coins and sent them to multiple wallets.
The owner sent 20 million coins to an account ending in “BhQ5.” Starting at 1:14 a.m., BhQ5 made multiple swap transactions on the Jupiter aggregator and directly through the Raydium decentralized exchange, selling varying amounts of MOTHER coins from 200,000 to 1 million. Eventually, all of its funds were sold by 2:56 a.m.
The funds held by BhQ5 represented only 20 million coins, or 15.6% of the initial 127.5 million coins held by JEET. It could not be confirmed whether the other wallets in the cluster also sold their coins.
In addition to Iggy Azalea, other celebrities like Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult-content models Kazumi and Ivana Knöll have recently launched their own tokens as part of the ongoing trend of celebrities launching memecoins on Solana.
Some of these celebrities have voiced complaints about being scammed by entrepreneur Sahil Arora in relation to the token launches. However, Arora has denied any wrongdoing. Iggy Azalea stated that her token launch on May 28 had nothing to do with Arora, telling him to “take your L and go already.”