- Insider sold 10% of MOTHER’s total supply on May 29.
- The JEET account profited $1.4 million by selling 89 million tokens.
Mother Iggy (MOTHER), the just-introduced Iggy Azalea memecoin, has become mired in controversy after a lot of insider activity. Bubblemaps, a blockchain analytics platform, said that on May 29, an insider sold about 10% of the coin’s entire supply.
We found huge insider activity on $MOTHER 🚨
Insiders bought 20% of the supply at launch, before Iggy Azaela (@IGGYAZALEA) made the announcement, and already dumped $2M.
A thread 🧵 ↓ pic.twitter.com/tQFHt1yZfO
— Bubblemaps (@bubblemaps) May 29, 2024
MOTHER’s Insider Activity UncoveredÂ
The core of this dispute is an account starting with “JEET”. Over 109 million MOTHER coins are said to have been bought by the insider over-the-counter; the majority were then sold on the open market.
According to Solscan data, JEET received 127.5 million MOTHER from the deployer account and split it up throughout several wallets. Over several transactions, at least one of these wallets sold 20 million MOTHER into the Raydium liquidity pool.
Bubblemaps emphasize in an X thread the significant insider activity on MOTHER. The thread claims that insiders bought more than 20% of the whole currency supply straight from the launch team, and by the time the post was published, sales had surpassed $2 million.
Bubblemaps further explained that the JEET owner received “109T MOTHER (10% of the supply),” probably meant to say “109M MOTHER,” as 10% of a billion coins is 100 million coins.
Profits and Unrealized GainsÂ
The action on the JEET account brought in $1.4 million in income for the holder by sending 89 million tokens to other wallets for sale. The insider still had unrealized earnings of $400,000 at the time Bubblemaps published their story.
According to Bubblemaps, “Invicible,” a pseudonymous trader and Pump.fun user, owns the wallet and is active on X as well. The identity of the wallet owner has not been verified at this time.
From the deployer account, the JEET wallet received 86.9 million MOTHER on May 28 at 9 p.m. UTC, according to blockchain data from Solscan.
A second transaction brought the account’s total to 127.5 million, or 12.75% of the coin’s total supply. JEET also bought 9.2 million MOTHER from the Raydium liquidity pool.
Tricky Token MovementsÂ
The JEET account moved 83.3 million tokens at 9:13 p.m. to an account ending in jdMW, which in turn transferred the tokens to an account ending in fDOL. The owner then separated the coins and put them into many wallets.
At 1:14 am, 20 million coins were moved to an account with a BhQ5 ending, starting several swap transactions on the Raydium decentralized exchange and Jupiter aggregator. It was entirely sold at 2:56 a.m.
BhQ5 owned just 20 million, or 15.6%, of the 127.5 million that JEET had on hand initially. This insider behavior has raised questions about the transparency and honesty of the Mother Iggy memecoin launch.
Meanwhile, ETHNews previously reported a trader who invested in MOTHER to turn $861 into $509K.