Memecoins
Andrew Tate’s Meme Coin Faces Insider Trading Charges
Controversial social media influencer Andrew Tate has announced his support for the DADDY meme coin. He promised to burn $100 million worth of cryptocurrency during a live stream.
While Tate claims he won’t make money via meme coins, blockchain data suggests insider activity.
Andrew Tate says cryptocurrency investors are losers
Tate’s involvement with the DADDY meme coin contrasts starkly with the musician Iggy Azalea MOTHER meme coin.
“I heard about a coin called MOTHER, so now I support a coin called DAD to throw it for the patriarchy,” Tate She said.
However, this approval he raised his eyebrows. Bubblemaps, a blockchain data analytics company, detected suspicious internal activities around the launch of DADDY.
Before the Tate promotion, insiders reportedly purchased 30% of the coin’s supply. These holders now allegedly own assets in excess of $45 million.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
The intrigue deepened on June 9th, when DaddyTateCTO transferred 40% of the DADDY supply to the Tate. Tate subsequently purchased and burned $10,000 worth of tokens.
Although it claimed not to have sold any tokens, other questionable transactions have surfaced. According to Bubblemaps, 11 wallets, funded through Binance with almost identical amounts at the same time, purchased 20% of DADDY on June 9, before DaddyTateCTO’s first tweet.
These crypto wallets now control around 19% of the total supply, worth $30 million.
“Given that they are funded through Binance, we cannot confirm 100% that they are from the same group. However, the timing and amounts strongly suggest this is the case. One wallet the sale could cause liquidity to collapse”, Bubblemaps warned.
11 wallets that control 20% of the DADDY meme coin supply. Source: Bubble maps
Additionally, two additional clusters holding 10% of the total supply are connected via a crypto wallet – 4sfQW. These groups made purchases even before Tate’s promotional activities and now hold $16 million worth of tokens.
Andrew Tate’s history with meme coins it’s remarkable. He previously promoted coins such as Real Nigger Tate (RNT) AND TOPG.
Following his endorsement, RNT rose to a market capitalization of $61.1 million and TOPG reached $38.01 million. However, these coins have seen drastic declines over the past 24 hours. RNT is down more than 45% and TOPG is down 35%.
Paradoxically, in a 17-minute video, Tate openly criticized the crypto community.
“You are all losers. If I write a word on Twitter, millions of dollars go into tickers based on that word. If I say certain things on camera, millions of dollars move,” Tate She said.
He bluntly commented on the degeneration of the crypto ecosystem.
“What I’ve learned about the cryptocurrency market is that you are all soulless cowards. Since it turns out you will buy anything, you degenerates will buy anything if you think you can make a little money,” Tate continued.
To know more: Crypto Scam Projects: How to Spot Fake Tokens
This latest controversy highlights the potential risks and ethical dilemmas present celebrity-driven crypto promotions.
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