- The emergence of new memecoins continues with the debut of Daddy Tate (DADDY), backed by the controversial Andrew Tate.
- This follows the soaring popularity of Iggy Azalea’s memecoin, MOTHER, which has dominated headlines recently.
- Tate’s involvement has sparked both interest and criticism due to his contentious public persona and active promotional tactics.
Discover the controversy and rapid developments surrounding Andrew Tate’s endorsement of the new DADDY memecoin and its implications for crypto investors.
Andrew Tate Endorses DADDY Token
On June 11, former professional kickboxer and controversial online personality Andrew Tate began endorsing a new memecoin, DADDY. Promoted as a rival to Iggy Azalea’s successful MOTHER token, Tate’s involvement sparked substantial buzz within the crypto community.
Initially, Tate asserted that he held no tokens of DADDY despite being aware of numerous memecoins bearing his likeness. Shortly after, he initiated a public challenge to well-known crypto trader Ansem, proposing a boxing match where the loser would donate $10 million to the winner’s chosen token.
The endorsement drew a mixed response from the community. Some found humor in the situation, likening Crypto Twitter’s drama to that of YouTube, while others expressed disdain for what they perceived as a move away from serious investment principles.
On Tuesday, Tate’s promotional efforts for DADDY were marked by controversial and sexist remarks targeting Azalea’s MOTHER token. This led to divisive reactions, with some criticizing the offensive nature of his campaign.
Accusations of Insider Trading Surrounding DADDY
On Wednesday, analysis from crypto analytics firm Bubblemaps highlighted suspicious insider activity surrounding the DADDY token. They reported that 30% of the token’s supply was acquired by insiders at launch, raising significant concerns.
Further scrutiny revealed that the development team had transferred 40% of DADDY’s total supply to Andrew Tate on June 9, with Tate promising not to sell the tokens. Additionally, Tate purchased and subsequently burned $10,000 worth of DADDY coins, which piqued further interest.
According to Bubblemaps, 11 wallets, allegedly linked, held 20% of the DADDY token supply, with transactions approaching $30 million made before public promotions began. This clustering of wallets suggested coordinated insider manipulation.
The firm urged caution among investors, warning that the potential liquidation from these insider-held wallets could severely impact the token’s liquidity pool.
Controversial Success: DADDY Surpasses MOTHER
Following Tate’s promotional efforts, the community heavily scrutinized DADDY. Despite the backlash, the token witnessed a surge, achieving a new all-time high (ATH) with a market capitalization reaching $280 million at a trading price of $0.36.
This impressive performance saw DADDY momentarily surpass MOTHER, which had previously been leading the memecoin pack. However, DADDY’s price later retraced to $0.24, marking a 32% decline in just 12 hours and stabilizing its market cap around $240 million.
Conversely, MOTHER also experienced a sharp price movement, jumping 46% from $0.15 to $0.22, before dipping back to $0.14 and then partially recovering to $0.17, maintaining a substantial market cap of $169 million. Despite recent fluctuations, MOTHER reflects an overall gain of 1,900% since its launch.
Conclusion
The episode surrounding Daddy Tate (DADDY) and Andrew Tate’s endorsement exemplifies how celebrity involvement can substantially influence crypto markets, sparking both massive price changes and ethical concerns. Investors are urged to exercise caution and scrutinize the underlying activities of new tokens to navigate the volatile landscape effectively.
