Iggy Azalea’s MOTHER token is facing allegations of insider activity after the launch of Sahil Arora’s IGGY cryptocurrency, according to DeFi supply auditing company Bubblemaps. The company revealed that insiders purchased 20% of MOTHER’s supply before its launch and subsequently sold $2 million worth of the token. One wallet, labeled as JEEt3D1, reportedly bought 10% of the coin’s supply and has since split into seven different wallets, selling 89T of MOTHER. Azalea responded to Bubblemaps’ claims, stating that she should not be held responsible for what others do with their wallets. She expressed her desire to create a coin that is part of pop culture. The launch of Azalea’s cryptocurrency coincides with a frenzy of celebrity memecoins, including tokens from Rich The Kid and Caitlyn Jenner. Arora’s involvement in these projects has raised controversy due to allegations of crypto fraud schemes against him. Azalea claimed that she had never spoken to Arora despite his launch of the IGGY token. MOTHER currently has a market capitalization of $19.2 million, outperforming IGGY, which has a market capitalization of $95,000. Sahil Arora has been at the center of memecoin scam allegations, and several celebrities have faced penalties from the U.S. Securities and Exchange Commission for illegally promoting cryptocurrencies. Jenner, who claims she was scammed by Arora, stated that she believed he would not be launching any more celebrity coins. Bubblemaps warned that most celebrity tokens end up worthless and are often plagued by insider trading. Despite the controversies, Jenner continues to promote her token, while Rich The Kid launched a new cryptocurrency without Arora and has denied all scam allegations.
