Facing Insider Activity Allegations: Iggy Azalea’s MOTHER Token
Upon the debut of Sahil Arora’s IGGY cryptocurrency, allegations of insider activity have arisen against Iggy Azalea’s MOTHER token, as revealed by DeFi supply auditing company Bubblemaps on May 29.
- Insiders reportedly acquired 20% of MOTHER’s supply before its launch, leading to the dumping of $2 million worth of the token.
- One specific wallet, labeled as JEEt3D1, reportedly purchased 109T, roughly 10% of the coin’s supply.
- Bubblemaps alleges that JEEt3d1 divided into seven different wallets and sold 89T of MOTHER.
Azalea responded to Bubblemaps’ findings, expressing frustration with the situation and the impact on her efforts to create a coin that resonates with pop culture.
The launch of Azalea’s cryptocurrency occurred amid a wave of celebrities entering the memecoin space, with many facing controversies due to Arora’s involvement.
Mother Token vs. IGGY: Market Performance
Currently, MOTHER is significantly outperforming IGGY, boasting a market capitalization of $19.2 million compared to Arora’s $95,000 at the time of this publication.
- Sahil Arora’s launch of the IGGY token on Tuesday raised eyebrows and led to further scrutiny.
- Azalea emphasized that she had never engaged with Arora, distancing herself from his actions in launching IGGY.
- “Sahil baby take your L and go already,” Azalea asserted on Tuesday regarding the situation.
The Allegations Against Sahil Arora
Several celebrities, including Lindsay Lohan, Jake Paul, and Floyd Mayweather, have faced allegations of illegal cryptocurrency promotion, with some claiming they were “scammed” by Arora.
- Jenner shared her disappointment in Arora’s actions, suggesting he may not have the opportunity to launch more celebrity tokens in the future.
- Despite the controversies, Kylie Jenner continues her promotion of the $Jenner token, while Rich The Kid launched a token without Arora’s involvement and denied any scam allegations.
- Bubblemaps warned that while more celebrity tokens may emerge, they often end up worthless and plagued by insider trading issues.
Hot Take: Celebrities and Crypto Scams
As the intersection of celebrities and cryptocurrencies continues to spark interest, the recent allegations surrounding Iggy Azalea’s MOTHER token and Sahil Arora’s IGGY token shed light on the risks and controversies present in this space. It raises questions about the responsibility of celebrities in endorsing or launching tokens, as well as the importance of transparency and accountability to protect investors from potential scams.
It serves as a reminder for crypto enthusiasts to exercise caution and due diligence when engaging with celebrity-backed tokens and to stay informed about the latest developments to make informed investment decisions.
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