Iggy Azalea’s MOTHER Coin Faces Insider Trading Scandal

As an analyst with experience in blockchain and cryptocurrency markets, I’m closely monitoring the developments surrounding Mother Iggy (MOTHER) and its association with rapper Iggy Azalea. The recent revelations of insider activity involving the account “JEET” selling a significant portion of the coin’s total supply has raised concerns and cast a shadow over this new memecoin’s launch.

As a meticulous analyst, I’ve uncovered intriguing information regarding the recent launch of Mother Iggy (MOTHER), the new memecoin created by renowned rapper Iggy Azalea. However, this exciting development has been shrouded in controversy due to allegations of insider trading.

According to Solscan’s data, JEET received approximately 127.5 million MOTHER from the deployer account, which noticeably influenced the market as these coins were dispersed among various wallets. One of these wallets subsequently sold 20 million MOTHER through Raydium’s liquidity pool, leading to realized profits of about $1.4 million. The insider still holds an extra $400,000 in potential gains from their unrealized MOTHER holdings.

The platform asserts that approximately one fifth of the coin’s total amount was acquired by insiders from the launch team, with transactions totaling over $2 million taking place prior to Bubblemaps’ announcement. Iggy Azalea’s token debut on May 28 is just one example of the growing phenomenon of celebrities introducing memcoins on the Solana blockchain.

As a financial analyst, I’ve observed that Greeny identifies an opportunity for investment in $MOTHER on the Solana ($SOL) platform around the 0.618 Fibonacci level. This assessment comes with rapper Iggy Azalea making her presence felt in the community.

The MOTHER stock is now clinging to the 0.618 Fibonacci level. A potential break could occur from here, so keep a vigilant eye on it. If the price reaches 0.786, I’ll consider making a purchase.

— Greeny 🇦🇺 (@greeny_eth) May 29, 2024

Certain celebrities, including Caitlyn Jenner and Soulja Boy, have entered the world of digital tokens by creating their own. However, there have been allegations of fraudulent activities surrounding this area, with some accusing entrepreneur Sahil Arora of being involved. Arora denies any involvement in these scams. Iggy Azalea, for her part, has confirmed that her token launch was not connected to Arora.

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2024-05-30 01:57