The latest cryptocurrency to hit the market, Mother Iggy (MOTHER), created by Iggy Azalea, has recently experienced significant insider activity. According to blockchain analytics platform Bubblemaps, an insider with the username “JEET” sold around 10% of the total coin supply on May 29. This insider allegedly acquired over 109 million coins through an over-the-counter deal and proceeded to dump most of them onto 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.
In a post on X, Bubblemaps reported, “We found huge insider activity on $MOTHER.” The post further stated that insiders had directly purchased over 20% of the coin’s total supply from the launch team, with over $2 million worth of coins already sold at the time of the post.
Bubblemaps also mentioned that the JEET owner received “109T MOTHER (10% of the supply).” However, it appears that there was a mistake in the statement, as the correct figure should be “109M MOTHER.” This is because the total supply of the coin is 1 billion, making 10% equal to 100 million coins, not 100 trillion.
Of the 100 million coins acquired, 89 million were sent to other wallets and subsequently sold, resulting in a profit of $1.4 million for the holder. At the time of Bubblemaps’ post, the insider still had unrealized profits of approximately $400,000.
Bubblemaps claimed that the JEET wallet belongs to a pseudonymous trader and Pump.fun user named “Invicible,” who is also active on X. However, Cointelegraph was unable to verify the true identity of the wallet owner.
According to data from Solscan, the JEET wallet received 86.9 million MOTHER coins from the deployer account on May 28. In a separate transaction, it received an additional 40.6 million coins, bringing its total holdings 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 to an account ending in “fDOL.” At this point, the owner of the wallet divided the coins and sent them to multiple wallets.
One of these wallets, ending in “BhQ5,” received 20 million coins. Starting at 1:14 a.m., BhQ5 conducted multiple swap transactions on the Jupiter aggregator and directly through the Raydium decentralized exchange. Each transaction sold between 200,000 and 1 million MOTHER coins, resulting in the complete sale of all its funds by 2:56 a.m.
The funds held by BhQ5 only accounted for 20 million coins, or 15.6%, of the initial 127.5 million coins held by JEET. It remains unclear whether the other wallets in the cluster also sold their coins.
It is worth noting that Iggy Azalea launched the MOTHER token on May 28, joining the trend of celebrities launching memecoins on the Solana blockchain. Other celebrities who have recently released tokens include Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult-content models Kazumi and Ivana Knöll.
Some of these celebrities have expressed dissatisfaction after the launch, claiming they were scammed by entrepreneur Sahil Arora. In response, Arora has denied any wrongdoing in the token launches. Azalea made it clear on May 28 that her token launch was not associated with Arora, stating, “Sahil baby take your L and go already.”