Despite the general perception that meme coins are more fair than “VC coins” and are not subject to early participants’ manipulation, recent cases suggest otherwise. Meme coin “Mother Iggy” (MOTHER) launched by American celebrity Iggy Azalea was recently found to have significant insider trading. An insider sold approximately 10% of the token’s total supply on May 29th.
These incidents have prompted the community to reflect on the current state of meme coins. KOL Sisyphus posted on X, stating, “This topic has piqued the interest of renowned KOL Cobie, who always speaks the ‘hard truth.’ In his comment below the tweet, he mentioned that the public is not actually concerned about insiders, venture capitalists, or conspiracy groups. They care about making money. If they can profit alongside the ‘conspiracy groups,’ they wouldn’t care about these matters at all.”
Cobie further added that this situation is similar to everyone claiming to want a “fair launch.” In reality, what they mean is that they want to be early buyers. Whether it is fair or not is irrelevant to them. In fact, if it were fair, the situation might actually be worse.
