New Iggy Azalea Token Has ‘Huge Internal Activity’ – Analysis Firm
The new Iggy Azalea memecoin, Mother Iggy (MOTHER), saw “huge insider activity,” with one insider selling about 10% of the coin’s total supply on May 29, according to blockchain analytics platform Bubblemaps.
Insiders who own accounts starting with ‘JEET’ are known to have purchased over 109 million coins through over-the-counter transactions, most of which were later dumped on the market.
According to Solscan data, JEET received MOTHER 127.5 million from its distributor accounts. They then sent these funds to several other wallets, with at least one of the wallets selling 20 million MOTHER to the Raydium liquidity pool through multiple transactions.
In the According to the thread, more than 20% of the total supply of the coins were purchased directly from the launch team by insiders, with over $2 million already sold at the time the post was written.
Bubblemaps also claimed that JEET holders received “109T MOTHER (10% of the supply)”. The statement appears to be intended to say “109M MOTHER” as the total supply of coins is 1 billion, which equates to 100 million coins rather than 100 trillion.
89 million tokens were transferred to other wallets and then sold, generating $1.4 million in profit for holders. At the time of Bubblemaps’ post, insiders appear to have secured an additional $400,000 in unrealized profits.
Bubblemaps claimed that the wallet was owned by “Invicible,” an anonymous trader active on X and a Pump.fun user. Cointelegraph was unable to verify the identity of the wallet owner.
According to blockchain data provided by Solscan, the JEET wallet received 86.9 million MOTHER from distributor accounts at 9:00 PM UTC on May 28. In a separate transaction, it received an additional 40.6 million MOTHERs, for a total of 127.5 million MOTHERs. This corresponds to 12.75% of the total coin supply.
This account also purchased 9.2 million MOTHER from the Raydium liquidity pool.
At 9:13 PM, the JEET account transferred 83.3 million tokens to another account ending in jdMW, which in turn transferred it to an account ending in fDOL. At this time, the owner split the coins and sent them to several wallets.
They sent 20 million coins to accounts ending in BhQ5. Starting at 1:14 AM, BhQ5 conducted several swap transactions directly through the Jupiter aggregator and the Raydium decentralized exchange. Each transaction sold from 200,000 to 1 million MOTHER, ultimately with all funds sold by 2:56 AM.
The funds held by BhQ5 were only $20 million (15.6%) of the total $127.5 million originally held by JEET. Cointelegraph was unable to confirm whether other wallets in the cluster also sold coins.
Iggy Azalea launched her MOTHER token on May 28, continuing the weeks-long trend of celebrities launching meme coins on Solana. Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult content models Kazumi and Ivana Knöll have also recently launched tokens.
Some of these celebrities complained that they were scammed by entrepreneur Sahil Arora after its launch. In response, Arora denied any wrongdoing related to the token launch. Azalea said on May 28 that her token launch had nothing to do with Arora, saying, “Go Sahil baby L.”
