- Andrew Tate promotes Daddy Tate meme coin on his X account and draws attention to its recent CoinMarketCap listing.
- This news follows a significant $110 million token burn initiated by Tate.
- In a celebratory stream, Tate showcased his optimism about the developments surrounding the DADDY meme coin.
Discover the latest developments and controversies surrounding Andrew Tate’s Daddy Tate coin, including major token burns and insider trading allegations.
Andrew Tate & the Daddy Tate Coin: Key Developments
In a notable move, Andrew Tate announced that Daddy Tate (DADDY), a recently launched Solana meme coin, has been listed on CoinMarketCap. This listing is a pivotal step in boosting the coin’s visibility and market acceptance. The announcement came on the heels of a massive $110 million token burn orchestrated by Tate, where 400 million DADDY tokens were removed from circulation.
The Impact of the Token Burn
Andrew Tate’s strategic burn of DADDY tokens was significant, not only due to the sheer value but also the timing. The burn led to an astounding increase in the coin’s market cap, which rose to $300 million following the event. This has positioned DADDY as a prominent player among meme coins, further buoyed by Tate’s substantial influence on social media. CoinMarketCap data reflected a 14.11% price increase, with the coin trading at $0.2704 as of June 14.
Insider Trading Allegations
Although the developments around the DADDY coin have been largely positive, they haven’t been free from controversy. Blockchain analytics provider Bubblemaps has raised substantial concerns about possible insider trading within the Daddy Tate coin project. According to Bubblemaps, 30% of the token supply, worth over $45 million, had allegedly been acquired by insiders through 21 wallets.
Suspicious Activities Before Official Announcements
Bubblemaps detailed that on June 9, just before the official announcement of the DADDY coin, 11 wallets funded through Binance bought 20% of the token supply. These wallets now hold about 19% of the total token supply, valued at approximately $30 million. The involvement of these wallets has led to speculation that certain insiders may have had privileged information prior to the public release, raising ethical and legal questions.
Tate’s Response to Allegations
In response to these allegations, Andrew Tate has stood firm, emphasizing his commitment to not selling the tokens sent to his wallet. He declared, “I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands,” aiming to reassure investors of his long-term commitment to the project. Despite this, the community remains wary of potential liquidity impacts, especially considering that Tate and associated wallets hold a significant portion of the total supply.
Conclusion
The rapid developments around Andrew Tate’s Daddy Tate coin, including the significant token burn and subsequent CoinMarketCap listing, have propelled it into the spotlight. However, the accompanying allegations of insider trading could pose risks to its future stability. As the crypto market continues to evolve, the DADDY coin’s journey will be closely watched, with its market performance and regulatory scrutiny likely to set precedents for similar projects.
