Despite being portrayed as investment targets that are fairer than “VC coins” and not subject to early participants’ harvesting, recent cases have increasingly suggested that this is not the case at all. Mother Iggy (MOTHER), a meme coin released by American celebrity Iggy Azalea, was recently found to have significant insider trading, with an insider selling approximately 10% of the token’s total supply on May 29th.
These cases have prompted the community to reflect on the current situation of meme coins. KOL Sisyphus posted on X, stating:
This topic has sparked the interest of well-known KOL Cobie, who is known for always speaking the “hard truth.” In the comments section of the tweet, Cobie expressed that the general public does not actually care about insiders, venture capitalists, or conspiracy groups. What they care about is making money. If they can profit alongside the “conspiracy groups,” they wouldn’t care about these things at all.
Cobie 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 the early buyers. If they can get their hands on the chips early, fairness becomes irrelevant. In fact, if it were fair, the situation could be even worse.
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