Analysis: Insider trading of Meme coin MOTHER exists, over $2 million worth of tokens have been sold

According to blockchain analytics platform Bubblemaps, there is "significant insider activity" in the meme coin Mother Iggy (MOTHER). According to its post on the X platform, more than 20% of the total supply of MOTHER was purchased directly from the issuing team by insiders, and as of press time, more than $2 million worth of tokens have been sold. Specifically, on May 29, an insider sold about 10% of the total supply of the token. The insider has an account starting with "JEET" and allegedly purchased more than 109 million MOTHER through over-the-counter transactions, most of which were subsequently sold. Solscan data shows that the user received 127.5 million MOTHER from the deployer account. They then sent these funds to several other wallets, at least one of which sold 20 million MOTHER to the Raydium liquidity pool through multiple transactions. (Cointelegraph)