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Tate Promotes DADDY Token Amid Insider Trading Allegations
Recent findings by Crypto Twitter researchers reveal that insiders own a significant portion of Andrew Tate’s cryptocurrency, DADDY. At launch, these insiders would have secured 30% of the token’s initial supply, aligning this acquisition with Tate’s promotional efforts on social media. Currently, insiders hold tokens worth around $45 million.
The DADDy-linked distribution address initially transferred 40% of the token to Tate, who publicly burned $10,000 of the asset. Despite this, he still retains a sizable sum, now worth around $64 million, which he has promised not to sell.
Tate’s recent statements on social media underline his commitment, stating that he would burn more than $100 million worth of tokens in real time.
I am the $DAD.
Market capitalization of 200 million.
I’m gonna burn all this shit live on Rumble.
My last burn was $37 million.
But now I refuse to burn less than $100 million.
No burns.
Superior G.
Built differently.
—Andrew Tate (@Cobratate) June 12, 2024
Further market dynamics observed
Bubblemaps analysis detected suspicious activity on June 9, involving 11 wallets purchasing 20% of DADDY through simultaneous transactions. These wallets, possibly linked and funded through Binance, currently hold 19% of the total supply, worth $30 million.
Potential selling from any of these portfolios involves significant liquidity risk. Additionally, two other portfolio groups captured 10% of the offering prior to Tate’s promotional tweets and are now valued at $16 million.
This layered internal activity casts shadows on the stability of the DADDy token market and raises concerns about potential manipulative practices that could affect ordinary traders.
Read also: Andrew Tate burns $10 million worth of TOP G tokens