- Andrew Tate, a controversial social media figure, has recently announced his support for yet another meme coin.
- During a live stream, Tate vowed to burn $100 million worth of cryptocurrency.
- Tate claims he will not profit from meme coins, though Blockchain data suggests insider trading activities.
Discover the latest in meme coin developments as Andrew Tate pledges support amidst allegations of insider trading – a detailed dive into the implications and evidence.
Andrew Tate’s Controversial Support for a New Meme Coin
Andrew Tate has publicly endorsed a meme coin called DADDY, contrasting sharply with rapper Iggy Azalea’s MOTHER meme coin. Tate proclaimed, “I heard of this cryptocurrency called MOTHER, so now I’m advocating for patriarchy with a coin called DADDY.” However, this support has not come without scrutiny. Blockchain data analysis firm Bubblemaps uncovered suspicious insider activities surrounding the launch of DADDY.
Alarming Findings from Blockchain Data Analysts
Bubblemaps revealed that before Tate’s promotion, insiders had purchased 30% of the coin’s supply. These holders currently possess assets exceeding $45 million. Intrigue deepened on June 9 when DaddyTateCTO transferred 40% of DADDY’s supply to Tate. Subsequently, Tate bought and burned $10,000 worth of tokens. Despite claims of not selling any tokens, other questionable transactions have emerged.
According to Bubblemaps, 11 wallets funded nearly simultaneously through Binance purchased 20% of DADDY’s supply just before DaddyTateCTO’s initial tweet on June 9. These wallets now control about 19% of the total supply, valued at around $30 million. This led Bubblemaps to issue the following warning:
We cannot confirm 100% that these wallets belong to the same group just because they were funded through Binance. Nevertheless, the timing and amounts strongly suggest affiliation. Any one wallet’s sale could dramatically impact liquidity.
Tate’s Meme Coin History and Market Critiques
Additionally, two more clusters holding 10% of the total supply are interconnected through a wallet named 4sfQW and also made purchases before Tate’s promotional efforts. These clusters currently own tokens worth $16 million. Tate’s history with meme coin projects is notable, having previously endorsed coins like Real Nigger Tate (RNT) and TOPG.
Post Tate’s endorsements, RNT surged to a market cap of $61.1 million, while TOPG reached $38.01 million. However, both coins experienced significant devaluations within the last 24 hours, with RNT dropping over 45% and TOPG declining by 35%. Ironically, Tate previously critiqued the crypto community in a 17-minute video, stating:
You’re all pathetic. If I post a word on Twitter, millions of dollars move based on that word. If I speak on camera, millions of dollars swing. The biggest lesson I’ve learned about the crypto community is that you’re all soulless cowards because you’ll buy anything if you think you can make a bit of money.
Conclusion
Andrew Tate’s controversial support for meme coins like DADDY raises significant concerns about market manipulation and insider trading. While he boasts of significant burns and no personal financial gain, Blockchain data tells a different story. Investors should remain cautious and vigilant, prioritizing thorough research and critical analysis of market activities. Stay tuned for more updates on this unfolding story.
