Scandal Hits Iggy Azalea’s Meme Coin, Mother Iggy (MOTHER), as $2M Insider Trading Controversy Unfolds
NAIROBI (CoinChapter.com) – Iggy Azalea’s meme coin, Mother Iggy (MOTHER), finds itself entangled in a $2 million scandal involving insider trading. Despite the controversy, Mother Iggy has experienced a remarkable resurgence, with a 100.38% surge in value, trading at $0.01664 as of May 31. This recovery comes after a previous dip to $0.050, showcasing both the coin’s volatility and its potential for growth.
The Inside Story of Azalea’s Memecoin Controversy
Sahil Arora, previously involved in celebrity token scams, targeted Azalea’s meme coin launch. Arora used Solana’s launchpad, pump.fun, to promote IGGY and raised $380,000 in presale. However, investors claimed that they did not receive their tokens. Initially, IGGY reached a market cap of $3 million but dropped to $39,000. In response, Azalea distanced herself from Arora and launched her own coin, Mother Iggy (MOTHER).
Despite the controversy, MOTHER had a strong debut, reaching a market cap of $18.2 million. Azalea’s brother, Mathias ‘Matt’ Kelly, played a crucial role in the token’s launch. Azalea aims to establish trust by burning her tokens during rug pulls orchestrated by other celebrities, demonstrating her dedication to integrity in the crypto space.
Allegations Shake Iggy Azalea’s Meme Coin
Blockchain data provider Bubblemaps uncovered evidence of insider trading in MOTHER. Insiders allegedly purchased 20% of the coin’s supply before Azalea’s announcement and subsequently dumped tokens worth $2 million. Wallet JEEt3D1dZynWcgEcpPCNP2FvSbydHJiyfurU6QKVDVMH acquired 109 trillion MOTHER tokens, splitting them into seven wallets. These wallets then sold 89 trillion tokens, resulting in $1.4 million in profits.
Coffeezilla, an on-chain investigator, confronted Arora regarding the accusations made by Jenner, Azalea, and Rich the Kid. Arora confessed, claiming that the entire situation was orchestrated. He accused Rich the Kid of exploiting him for publicity by fabricating hacking and scam allegations.
MOTHER’s Resilience Amidst Controversy
Despite the controversy, MOTHER has shown significant resilience, with a recent surge of 100.38% and a trading price of $0.01733 as of May 31. Its market cap currently stands at $16 million, placing it at #2665 in the market rankings. The 24-hour trading volume has reached $35.68 million, indicating a growing interest from investors.
Previously, blockchain data provider Bubblemaps revealed instances of insider trading, where insiders acquired 20% of the coin’s supply before Azalea’s announcement. These actions resulted in the dumping of $2 million worth of tokens. Nevertheless, MOTHER’s recent surge suggests a potential turnaround, potentially restoring investor confidence.
Iggy Azalea’s meme coin launch, MOTHER, has faced severe allegations of insider trading, raising doubts about its integrity. Despite her efforts to distance herself from Arora and build trust, the controversy highlights the risks associated with celebrity-backed cryptocurrencies. Azalea’s commitment to burning her tokens during rug pulls reflects her determination to maintain credibility in the volatile crypto market.