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The Mother Iggy price plunged 54% in the last 24 hours to trade at $0.0087 as of 03:50 a.m. EST on trading volume that dropped 59% to $53 million.
This comes after Rapper Iggy Azalea’s meme coin, MOTHER, was embroiled in controversy, with accusations of insider trading surfacing on May 29.
Based on reports from Bubblemaps, a blockchain analysis firm, an account linked to “JEEt3D1” had been selling off, allegedly dumping around 10% of the total token supply, which then impacted the market.
We found huge insider activity on $MOTHER 🚨
Insiders bought 20% of the supply at launch, before Iggy Azaela (@IGGYAZALEA) made the announcement, and already dumped $2M.
A thread 🧵 ↓ pic.twitter.com/tQFHt1yZfO
— Bubblemaps (@bubblemaps) May 29, 2024
The insider activity is believed to have netted $1.4 million and potentially had another $400,000 in unrealized gains.
There is also a claim that insiders acquired over 20% of MOTHER’s supply before the public launch. All such claims raised concerns about fair market practices.
After the news, the community has been on a selling spree, as MOTHER plunged to trade within the falling wedge pattern. However, the bulls may find support around $0.0067, data from GeckoTerminal shows.
Mother Iggy Price On A Bearish Trend – Bulls Aim To Find Support
MOTHER trading below the 50-day Simple Moving Average (SMA) supporting the bearish trend.
Moreover, the Relative Strength Index (RSI) is closing in on the oversold levels, currently trading at 41, coinciding with the massive sell-off after the news of insider activity.
The Mother Iggy price analysis shows that MOTHER is currently on a strong bearish momentum, with the price falling within the falling wedge pattern.
If the bears exert more pressure and surpass the critical support around $0.0067, the bulls may retreat to $0.0050, which acts as a cushion against downward pressure.
However, if the bears use the current support to stage a trend reversal, MOTHER may rise to surpass the upper boundary of the falling wedge, as the bulls target $0.040.
As the Mother Iggy bulls search for a footing, investors are piling into the new Solana meme coin presale Sealana (SEAL), which has amassed over $3 million in funds raised.
According to CryptoBoy, a crypto analyst on YouTube, $SEAL has the potential to surge 100X after launch.
Sealana ICO Surges Past $3 Million – Best Solana Meme Coin To Buy?
Sealana (SEAL) is inspired by a chubby seal that is fully immersed in the Solana Sea, spending endless hours in front of his computer and slowly growing bigger. The character, once sleek and agile, is so deep into degen trades that he abandons the initial figure of his youth for a diet of chips and tinned tuna.
New Meme Crypto ‘Sealana’ Attracts Whales As Solana Price Recovers.
#SolanaMemecoin pic.twitter.com/zqP73U7Mk3— TechStory (@TechStoryin) May 5, 2024
Sealana is a ‘Send SOL” presale with no timer, stages, hard cap, or even a whitepaper. That makes now the optimal to buy because the ICO could end at any time.
To participate in the presale, you can visit the official website to buy SEAL tokens here. One $SEAL costs $0.022.
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