The launch of Iggy Azalea’s meme coin, Mother Iggy (MOTHER), has been marred by allegations of insider trading totaling $2 million. The individual behind several meme coin launches for celebrities such as Caitlyn Jenner and Rich the Kid, Sahil Arora, reportedly revealed his plans to collaborate with Azalea for a Meme Coin launch, despite Azalea vehemently denying any association with Arora.
Azalea’s MOTHER coin has raised suspicions due to some questionable activity. Allegedly, Shail Arora initiated a pre-sale for an IGGY token in his Telegram group where he encouraged members to participate by sending Solana (SOL). As the token’s debut saw impressive performance, it ultimately plunged to a drastically reduced market capitalization. Following this, Azalea announced her own independent launch of the MOTHER token, dismissing any alleged association with Arora.
However, Azalea’s token also flagged for what blockchain data provider Bubblemaps identified as “huge insider activity”. It was discovered that an unproportionate 20% of the supply was purchased by insiders at launch before Azalea had publicized the token, with a subsequent dumping of the tokens making a profit of $2 million.
Azalea has candidly admitted to her lack of in-depth knowledge of the crypto industry and credited her brother, Mathias ‘Matt’ Kelly, for his assistance with launching the token. She intends to establish credibility within crypto spaces by burning tokens each time a new celebrity token appears controversial. Despite her efforts, the allegations of insider trading may act as a hurdle to achieving this goal.