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Bubblemaps highlights risks of celebrity tokens amid insider trading concerns.
Insiders made a $2 million profit by acquiring Solana meme coin Mother Iggy (MOTHER) before rapper Iggy Azalea promoted the token through her X account, according to on-chain data tracker Bubblemaps.
The wallet JEEt3D1, known as “Invincible” on meme coin marketplace Pump.fun, bought 10% of MOTHER’s supply before the Australian rapper shared the token’s smart contract address on X in the first hour of May 29t, telling her followers to “don’t disappoint mother.” The movement was similar to Caitlyn Jenner’s JENNER meme coin launch earlier this week.
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
JEEt3D1 split his MOTHER holdings into seven different wallets and already sold 81% of his tokens, netting a $1.4 million profit, Bubblemaps points out. Moreover, this wallet has connections with three other addresses that bought 8% of MOTHER’s supply before Azalea’s announcement, registering a cumulative return of $800,000.
Despite the insider trading claims, Azalea is telling her followers on X that she doesn’t intend to abandon the meme coin. “I agree with that, i want ppl who are gonna hold n build not dump. It’s that simple,” shared the rapper in one of her posts.
Nevertheless, Bubblemaps’ profile warned investors that “more celebrity tokens will come, but remember that most of them end up worthless and are often plagued by insider trading.”
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