New Iggy Azalea token has ‘huge internal movement’ – analyst firm

The new Iggy Azalea memecoin, Mother Iggy (Mother), showed “huge insider activity”, with an insider selling approximately 10% of the coin's total supply on May 29, according to blockchain analytics platform Bubblemaps.

The insider, who owns an account starting with “JEET,” allegedly bought more than 109 million coins without a payment contract.

According to Solscan data, JEET received 127.5 million moms from the distributor account. They then sent these funds to several other wallets, at least one of which sold 20 million MOM in multiple transactions to a radium liquid pool.

In the X thread, Bubblemaps said, “We've got some big internal activity on $MOTHER. According to the thread, more than 20% of the coin's total supply was purchased directly from the launch team by insiders, and more than $2 million worth was sold at the time of the post.

Bubble Maps also received JEET owner “109T MOTHER (10% of supply)”. The statement seems to be meant to say “109M MOTHER”, as the coin's total supply is 1 billion, so 10% equals 100 million coins instead of 100 trillion.

Eighty-nine million tokens were sent to other wallets and then sold, making a profit of $1.4 million for the owner. At the time of the Bubblemaps post, the insider was sitting on $400,000 in undisclosed profits.

Bubblemaps claims that the owner of the wallet is an anonymous merchant and Pamp.fun user named “Invicible”, who is also known as X. Cointelegraph could not verify the identity of the owner of the wallet.

According to blockchain data provided by Solscan, the JEET wallet received 86.9 million coins on May 28 at 9:00 a.m. UTC. In a separate transaction, he received an additional 40.6 million, bringing the total to 127.5 million. This represents 12.75% of the coin's total supply.

The bill bought 9.2 million moms from a pool of radium liquid.

At 9:13 PM, 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 paid the coins and sent them to several wallets.

They sent about 20 million coins ending in BhQ5. As of 1:14 AM, BhQ5 has made several swap transactions on the Jupiter Collector and directly on the Radium Decentralized Exchange. Each transaction ranges from 200,000 to 1 million moms, and eventually the entire amount is sold at 2:56 am.

The amount held by BhQ5 represents 20 million or 15.6 percent of the 127.5 million originally held by JEET. Cointelegraph has not been able to confirm whether the other wallets in the cluster have sold their coins.

Iggy Azalea launched a mom token on May 28, continuing weeks of celebrities launching memecoins on Solana. Caitlyn Jenner, rappers Soul Ja Boy and Rich The Kid, and adult content models Kazumi and Ivana Knoll have recently issued tokens.

Some of these celebrities filed complaints after the election that they were cheated by entrepreneur Sahil Arora. In response, Arora said he did nothing wrong with the token launches. Azalea clarified that her token launch on May 28 had nothing to do with Aurora, saying, “Go ahead Sahil Baby Elh.”