Iggy Azalea's new meme coin, Mother Iggy (MOTHER), has been the subject of "huge insider activity." An insider holding an account starting with "JEET" allegedly bought over 109 million coins through an OTC transaction, most of which were then dumped on the market. 😱

Solscan data shows that JEET received 127.5 million MOTHER from the developer account. These funds were then sent to several other wallets, one of which sold 20 million MOTHER into the Raydium liquidity pool through multiple transactions.

Bubblemaps stated that the owner of JEET received "109T MOTHER (10% of total supply)." However, since the total coin supply is 1 billion, 10% equals 100 million coins, not 100 trillion.

89 million tokens were sent to other wallets and then sold, bringing the owner a profit of $1.4 million. At the time of Bubblemaps' publication, the insider was apparently sitting on another $400,000 in unrealized profits.