Bubblemaps claimed that 10% of the MOTHER token supply was sold to a single account, which later dumped most of it at a profit.
The new Iggy Azalea memecoin, Mother Iggy (MOTHER), has exhibited “huge insider activity,” with one insider selling approximately 10% of the coin’s total supply on May 29, according to blockchain analytics platform Bubblemaps.
The insider, who owns an account that begins with “JEET,” allegedly purchased over 109 million coins through an over-the-counter deal, most of which were subsequently dumped on the market.
Solscan data shows that JEET received 127.5 million MOTHER from the deployer account. They subsequently sent these funds to several other wallets, with at least one of the wallets selling 20 million MOTHER into the Raydium liquidity pool through multiple transactions.
