Bubblemaps, a blockchain analytics platform, has highlighted substantial insider activity surrounding the latest memecoin sensation, Mother Iggy (MOTHER), spearheaded by Iggy Azalea. According to their findings, an insider, whose identity is linked to the account "JEET," was responsible for offloading approximately 10% of the coin's overall supply on May 29th. Allegedly, JEET procured over 109 million MOTHER tokens through an over-the-counter transaction, subsequently flooding the market with the majority of them.

Further scrutiny by Solscan, another blockchain data provider, unveiled that JEET received a staggering 127.5 million MOTHER tokens from the deployer account. Following this acquisition, JEET dispersed these tokens across various wallets, with one particular wallet unloading 20 million MOTHER tokens into the Raydium liquidity pool through multiple transactions.

Bubblemaps elaborated on the extent of insider involvement, stating that more than 20% of MOTHER's total supply was acquired by insiders directly from the project's launch team. Moreover, by the time Bubblemaps made its report, insiders had already offloaded over $2 million worth of tokens.

The individual behind the JEET account, purportedly identified as "Invicible," operates within pseudonymous circles and is an active participant on Pump.fun and other platforms. Solscan data indicates that the JEET wallet received 86.9 million MOTHER tokens from the deployer account initially, followed by an additional 40.6 million in a separate transaction, totaling 127.5 million tokens, or 12.75% of the total supply. Additionally, the wallet engaged in purchasing 9.2 million MOTHER tokens from the Raydium liquidity pool.

Transaction activities involving the JEET account included the transfer of 83.3 million tokens to another account, with subsequent dispersal to various wallets. Notably, one of these wallets, identified by its ending code "BhQ5," engaged in multiple swap transactions via the Jupiter aggregator and Raydium decentralized exchange, resulting in the liquidation of all its tokens by the early hours of the following day.

Despite the frenzy surrounding MOTHER's launch, it is part of a larger trend wherein celebrities, including Caitlyn Jenner, Soulja Boy, Rich The Kid, Kazumi, and Ivana Knöll, have ventured into the world of memecoins on Solana. However, some of these celebrities have voiced concerns over alleged scams orchestrated by entrepreneur Sahil Arora. Azalea herself distanced her token launch from Arora, asserting that it was an independent endeavor.