Iggy Azalea’s MOTHER token faces accusations of insider trading following its launch, with DeFi supply auditing company Bubblemaps revealing on May 29 that insiders allegedly purchased 20% of the token supply before its debut, selling off $2 million worth of the token. A specific wallet, JEEt3D1, bought 10% of the supply and then split into seven wallets, dumping 89T of MOTHER. Azalea responded, stating she shouldn't be held responsible for others' actions with their wallets.

This controversy occurs amid a celebrity memecoin trend, with other figures like Rich The Kid and Caitlyn Jenner also launching tokens. These launches are controversial due to the involvement of alleged scammer Sahil Arora, who has been accused of fraudulent crypto schemes. Rich The Kid criticized Arora for allegedly conducting a pump-and-dump scheme with his token.

Azalea denied any association with Arora despite his launch of the IGGY token. While MOTHER outperforms IGGY significantly in market capitalization, Jenner continues to promote her token, claiming to have been scammed by Arora but maintaining confidence in her investment. Bubblemaps cautioned that most celebrity tokens are prone to insider trading and often become worthless.