NAIROBI (CoinChapter.com) – Iggy Azalea’s meme coin, Mother Iggy (MOTHER), is embroiled in a $2 million insider trading scandal. Iggy Azalea’s meme coin, Mother Iggy (MOTHER), has experienced a remarkable resurgence since the scandal. As of May 31, MOTHER has surged by 100.38%, trading at $0.01664. This recovery comes after a previous dip to $0.050, highlighting not only the coin’s volatility, but also its growth potential.
Inside Azalea’s Memecoin Controversy
Sahil Arora, involved in previous celebrity token scams, targeted Azalea’s meme coin launch. Arora promoted IGGY on Solana’s launchpad, pump.fun, raising $380,000 in presale. However, investors claimed they hadn’t received their tokens. Initially, IGGY reached a market cap of $3 million but dropped to $39,000. Azalea then launched her own coin, Mother Iggy (MOTHER), distancing herself from Arora.
Despite the controversy, MOTHER had a strong debut, reaching an $18.2 million market cap. Azalea’s brother, Mathias ‘Matt’ Kelly, helped her launch the token. Azalea aims to build trust by burning her tokens during rug pulls by other celebrities, showcasing her commitment to integrity in the crypto space.
Allegations Hit Iggy Azalea’s Meme Coin
Blockchain data provider Bubblemaps revealed insider activity in MOTHER. Insiders allegedly bought 20% of the supply before Azalea’s announcement, dumping tokens worth $2 million. Wallet JEEt3D1dZynWcgEcpPCNP2FvSbydHJiyfurU6QKVDVMH bought 109 trillion MOTHER, splitting them into seven wallets. These wallets sold 89 trillion tokens, realizing $1.4 million in profits.
On-chain investigator Coffeezilla confronted Arora about the accusations from Jenner, Azalea, and Rich the Kid. Arora confessed, claiming the entire situation was orchestrated. He accused Rich the Kid of exploiting him for publicity by making false hacking and scam allegations.
MOTHER’s Resilience Amidst Controversy
MOTHER’s recent performance indicates a significant rebound. As of May 31, it has risen by 100.38%, trading at $0.01733. Its market cap stands at $16 million, and it ranks #2665 in the market. The 24-hour trading volume has reached $35.68 million, reflecting growing investor interest.
Blockchain data provider Bubblemaps previously revealed insider trading activity, where insiders bought 20% of the supply before Azalea’s announcement. These actions led to $2 million worth of tokens being dumped. Despite this, MOTHER’s recent surge suggests a potential turnaround, with investors possibly regaining confidence.
Iggy Azalea’s meme coin launch, MOTHER, faced severe insider trading allegations, casting doubt on 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 burn her tokens during rug pulls reflects her desire to maintain credibility in the volatile crypto market.
