Insider Activity Claims Surround Iggy Azalea’s MOTHER Memecoin Following Alleged Sahil Arora Scam

Iggy Azalea’s MOTHER token is facing allegations of insider activity following the release of Sahil Arora’s IGGY cryptocurrency, as reported by Bubblemaps, a DeFi supply auditing company, on May 29.
Bubblemaps revealed that insiders allegedly purchased 20% of MOTHER’s supply before its launch on Wednesday, and subsequently sold $2 million worth of the token.
One wallet, identified as JEEt3D1, reportedly bought 109T, which is approximately 10% of the coin’s supply. Bubblemaps claims that JEEt3D1 has since split into seven different wallets and has sold 89T of MOTHER.
In response to Bubblemaps’ post, Azalea stated, “Because this is my concept/coin – I’m somehow supposed to bear responsibility for what random people do with their wallets. When in reality, their dumping only makes it harder for me to achieve my goal of having a coin that is actually part of pop culture.”
The launch of Azalea’s cryptocurrency coincides with the current craze of celebrity memecoins, with rapper Rich The Kid and reality TV star Caitlyn Jenner also introducing their own tokens this week. However, these tokens have faced controversy due to Arora’s involvement, given the allegations of cryptocurrency fraud schemes against him.
Azalea claimed in a post on Wednesday that she had never spoken to Arora, despite his launch of the IGGY token on Tuesday.
At present, MOTHER is outperforming IGGY, with a market capitalization of $19.2 million compared to Arora’s $95,000 at the time of publication.
Several celebrities, including Lindsay Lohan, Jake Paul, and Floyd Mayweather, have faced penalties from the U.S. Securities and Exchange Commission for illegally promoting cryptocurrencies.
Jenner, who claims to have been “scammed” by Arora, stated that she believes he will not be “launching many celebrity coins again.”
Bubblemaps concluded, “More celebrity tokens will come, but remember that most of them end up worthless and are often plagued by insider trading.”
Jenner continues to promote her token, while Rich The Kid has launched a new cryptocurrency without Arora and has denied all scam allegations.