The recent introduction of the memecoin Mother Iggy (MOTHER), associated with Iggy Azalea, has shown significant insider activity, as reported by blockchain analytics platform Bubblemaps. On May 29, an insider who goes by the name “JEET” sold around 10% of the coin’s total supply. Allegedly, JEET 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 from the deployer account. They then transferred these funds to several other wallets, with at least one wallet selling 20 million MOTHER into the Raydium liquidity pool through multiple transactions.
Bubblemaps stated in a thread, “We discovered significant insider activity on $MOTHER.” The thread disclosed that insiders directly purchased over 20% of the coin’s total supply 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 JEET owner received “109T MOTHER (10% of the supply).” However, it appears that the statement meant to say “109M MOTHER,” as the coin’s total supply is 1 billion, making 10% equal to 100 million coins, not 100 trillion.
The insider sold 89 million tokens to other wallets, resulting in $1.4 million in profits. At the time of Bubblemaps’ post, the insider still held unrealized profits of around $400,000.
Bubblemaps alleged that the JEET wallet belongs to a pseudonymous trader and Pump.fun user named “Invicible,” who is also active on X. 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 from the deployer account on May 28 at 9 p.m. UTC. In a separate transaction, it received an additional 40.6 million, bringing the total to 127.5 million, which 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, which was then transferred to an account ending in fDOL. At this point, the owner divided the coins and sent them to multiple wallets.
Among these transactions, 20 million coins were sent to an account ending in BhQ5. 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, resulting in the sale of all its funds by 2:56 a.m.
The funds held by BhQ5 accounted for only 20 million, or 15.6%, of the original 127.5 million held by JEET. It remains unconfirmed whether the other wallets in the cluster also sold their coins.
On May 28, Iggy Azalea launched the MOTHER token, following the trend of celebrities launching memecoins on the Solana blockchain. Recently, Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult-content models Kazumi and Ivana Knöll have also released their own tokens.
Some of these celebrities have expressed complaints of being scammed by entrepreneur Sahil Arora during the token launches. However, Arora has denied any wrongdoing. Azalea clarified on May 28 that her token launch had no association with Arora, stating, “Sahil baby take your L and go already.”