Memecoins
Bubblemaps supports memecoin insider trading promoted by Andrew Tate and Iggy Azalea
The Bubblemaps Blockchain analytics platform has made accusations of significant insider trading activity in the memecoin projects recently promoted by Andrew Tate and Iggy Azalea.
Despite evidence that the wallets purchased significant amounts of tokens during and before their respective launches, there is no evidence linking them to Tate or Azalea.
The allegations, shared via tweet threads, attracted considerable attention within the crypto community. Some have denounced alleged insider trading, while others have said that there is no fair launch of memecoins and that such events are normal.
Andrew Tate and the $DADDY coin
However, Bubblemaps said in a June 12 thread that insiders purchased 30% of the $DADDY coin supply at launch, amassing over $45 million across 21 wallets.
On June 9, a transaction transferred 40% of $DADDY’s supply to Tate’s wallet before he began promoting the coin on social media. Tate has publicly stated that he will not sell any tokens and continues to hold them.
However, on-chain data shows that several wallets purchased around 20% of the supply before the project was announced. According to Bubblemap:
Bubblemap wrote:
“11 wallets, funded via Binance with nearly identical amounts at the same time, purchased 20% of $DADDY on June 9, before @DaddyTateCTO’s first tweet.”
These wallets now hold about 19% of the total supply, worth $30 million. The firm added that any significant selling from these wallets could impact the coin’s liquidity.
The firm also said the wallets were linked and potentially belonged to the “same group.” Bubblemap wrote:
“Since they [the wallets] are funded through Binance, we cannot confirm 100% that they belong to the same group. However, the timing and amounts strongly suggest this is the case.”
Additionally, two other clusters, linked via a specific wallet, purchased 10% of the supply ahead of Tate’s promotional activities. These clusters currently hold $16 million worth of tokens.
Bubblemaps said Tate has not sold its tokens, but 40% of the total supply it holds, worth $64 million, remains unburned and could influence the market if sold.
It is important to note that although these wallets show suspicious activity, there is no concrete evidence directly linking the addresses to Tate or his associates. These findings remain allegations based on transactional models.
Tate responded to the allegations on social media and reiterated that he has no plans to sell the tokens sent to him. He further stated that he would only burn the tokens, write:
“I will never sell what was sent to my wallet, I will burn it and only buy it. Forever. Diamond hands.”
Iggy Azalea and the $MOTHER coin
Bubblemap also thereaccusations denied of insider trading in the $MOTHER coin at the end of May, promoted by rapper and model Iggy Azalea.
According to the company, insiders purchased 20% of $MOTHER’s supply at launch and have since sold $2 million worth of tokens.
The investigation identified a key wallet, which purchased 109 trillion $MOTHER tokens before distributing them across seven wallets. Most of these tokens were sold, making a profit of $1.4 million. As of this writing, the remaining tokens are valued at approximately $400,000.
Additionally, the wallet transferred funds to other profitable wallets, which collectively earned approximately $800,000 by selling approximately 8% of the token supply.
Similar to the case of the $DADDY coins, there is no concrete evidence linking these addresses directly to Azalea or her associates. These findings are indictments against wallets belonging to unknown entities based on observed transactional patterns.