Although meme coins are generally portrayed as fairer than "VC coins" and investment targets that will not be harvested by early participants, however, there have been more and more cases recently showing that this does not seem to be the case at all. Mother Iggy (MOTHER), the meme coin issued by American celebrity Iggy Azalea, was recently discovered to have had huge insider trading. An insider sold about 10% of the total supply of the token on May 29.
Various cases have caused the community to once again reflect on the current situation of meme coins. KOL Sisyphus posted on X:
“People are well aware that memecoins are driven by a ‘cabal’ of insiders, but they would still rightfully prefer to buy memecoins than VC coins.”
This topic aroused the interest of the well-known KOL Cobie, who always only tells the "truth". He left a message under the tweet saying that the public actually does not care about insiders, venture capital or conspiracy groups. What they care about is making money. If If they can profit with the Cabal, then they don't care at all.
Cobie added that it's like everyone claims they want a "Fair Launch," when what they really mean is they want to be the first to buy. If they had been able to get the chips earlier, it wouldn't have mattered at all whether it was fair, in fact, it might have been worse if it had been.
