- Influencer and fighter Andrew Tate’s endorsed memecoin has outperformed rapper Iggy Azalea’s cryptocurrency.
- Tate has been promoting the Solana memecoin, Daddy Tate (DADDY), since June 11, and it has now reached a market cap of $300 million, trading at $0.30 with a 218% increase as per decentralized exchanges.
- In contrast, Azalea’s Mother Iggy (MOTHER) memecoin’s market cap has dropped almost 50% from its peak on June 6, now sitting around $153 million with its price decreasing from $0.27 to $0.15.
Andrew Tate vs. Iggy Azalea: The Clash of Memecoins in the Crypto Market
Controversy Surrounding Alleged Insider Trading
The surge of Daddy Tate sparked controversy when an analysis firm flagged potential insider trading activities.
Allegations of Pre-promotion Accumulation
Crypto analysis firm Bubblemaps reported on June 12 that suspicious activity was detected around the token. They claimed insiders acquired 30% of the token’s total supply during its launch before Tate began promoting it on social media.
According to Bubblemaps, on June 9, eleven wallets purchased 20% of DADDY, now valued at approximately $61.4 million. The firm couldn’t confirm if these wallets were from the same group but indicated that the timing and volumes were too coincidental to ignore.
Liquidity Risks and Market Manipulation Concerns
Bubblemaps warned that the concentration of tokens within a few wallets poses significant liquidity risks. A single wallet selling off could drastically affect the market liquidity. They reported that an additional 10% of the token, worth about $30 million, was purchased by other suspected insiders before Tate’s promotions began.
Tate’s Response to Allegations
Tate has publicly responded to these allegations, stating, “I will never sell the tokens sent to my wallet. I will only burn and buy.” Nonetheless, the firm noted that significant portions of the token, worth approximately $122.8 million, are still untouched in Tate’s possession, adding to the market’s unpredictability.
It’s noteworthy that Bubblemaps had previously identified similar insider activities with the Mother Iggy token, highlighting systemic issues in the memecoin market.
Conclusion
The competition between Andrew Tate’s Daddy Tate and Iggy Azalea’s Mother Iggy has not only captivated the crypto community but also raised serious questions about market ethics and insider activities. Investors should exercise caution and conduct thorough research before committing to such investments.
