The creator of the $MOTHER coin on Solana says that the allegations were “crazy” and made her “so annoyed.”
After being accused of dumping $2 million worth of $MOTHER tokens, Iggy Azalea refutes the claims on Unchained.
Posted July 16, 2024 at 12:05 pm EST.
On the latest episode of the Unchained Podcast, Iggy Azalea denied accusations of insider trading and dumping $2 million worth of $MOTHER tokens.
The claims emerged on May 29, when blockchain analytics firm Bubblemaps alleged significant insider activity involving Iggy’s recently launched memecoin on Solana. Bubblemaps suggested that 20% of the supply was sold off shortly after launch by “insiders,” leading to speculations that Iggy Azalea was involved.
In the podcast, Azalea addressed these accusations directly. “I never dumped $2 million. That was crazy and made me so annoyed,” she said. Iggy, who says she currently has about 3% of the total supply, explained that she had meticulously gone through a vetting process with several platforms, including Wintermute and Dex Screener, which gave her project a high legitimacy rating.
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Iggy clarified her position, stating she bought $MOTHER tokens from the free market like everyone else, when the market capitalization was around $1.2 million (currently at $30.7 million). She struggled with the token’s launch, which experienced an unexpected surge in activity before she could even announce the contract address. “I hadn’t even tweeted out the contract address yet, and everybody was sniping it and going nuts,” she said.
Ahead of the launch, she said rumors had leaked that the name was going to be MOTHER. “We had a lot of discussion about that, too, of, like, ‘Oh, well, should we change it?’” However, because the concept for the token revolved around mothers and she had already developed memes around that, she said, “I felt like I really didn’t want to change that because that was my concept.”
Addressing the wallets in question, Iggy said she had no control or knowledge of who owned them. She emphasized that the activity of these wallets caused her significant anxiety as she watched the token’s value plummet, fearing a potential rug pull, in what she described as “one of the most anxiety-ridden, scary days of my life.” Despite the turmoil, Iggy stuck with her original plan and maintained her position, hoping for the best. “If it’s going down, I’m the captain of the ship. I just have to sink with the Titanic.”
Iggy’s denial comes amid increasing scrutiny of celebrity-endorsed tokens, many of which have been accused of insider trading and failing to deliver value to retail investors. She concluded by expressing relief that the problematic wallets were no longer involved, as their exit allowed for a healthier distribution of the token supply.
Read more: MOTHER Sheds Half Its Value Since All-Time High Despite Iggy Azalea’s Mastery of Crypto Memes
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