you are missing below code in your config.xml, add below code under global tag

<resources>
    <instagramapi_setup>
        <setup>
            <module>Maddyboy_Instagramapi</module>
        </setup>
        <connection>
            <use>core_setup</use>
        </connection>
    </instagramapi_setup>
</resources>

you are missing below code in your config.xml, add below code under global tag

<resources>
    <instagramapi_setup>
        <setup>
            <module>Maddyboy_Instagramapi</module>
        </setup>
        <connection>
            <use>core_setup</use>
        </connection>
    </instagramapi_setup>
</resources>

Also if you don't have any previous sql script in your module then your file name should be mysql4-install-0.1.0.php here(0.1.0 is your version)