Andrew Tate personally acquired 40% of the DADDY supply from DaddyTateCTO on June 9.
Despite allegations of substantial insider trading, the cryptocurrency token that Andrew Tate, a social media personality, has recently promoted has surpassed the token that vocalist Iggy Azalea launched. This meme coin, which is domiciled in Solana and is known as Daddy Tate (DADDY), has a market capitalization of $300 million and is currently trading at $0.30, representing a 218% increase in the past 24 hours.
In the interim, the market capitalization of Iggy Azalea’s Mother Iggy (MOTHER) token has experienced a significant decline, plummeting from $267.58 million on June 6 to approximately $153 million. Its price has also declined from a peak of $0.27 on June 6 to $0.15.
Andrew Tate was initially apprehensive about the prospect of establishing his own cryptocurrency. Nevertheless, he elected to capitalize on the increasing prevalence of meme currencies. It is possible to attribute his success to a highly aggressive marketing campaign, despite the absence of substantial support. Nevertheless, the ascent of DADDY has not been without controversy.
Bubblemaps’ analysis has prompted apprehension regarding covert trading activities related to the DADDY token. They discovered that a small number of wallets acquired 30% of the DADDY supply prior to Andrew Tate’s subsequent online promotion.
Before the initial promotional tweet by Daddy Tate’s CTO, these wallets purchased 20% of DADDY on June 9, funding them through Binance with virtually identical quantities at the same time. At present prices, these purses control approximately 19% of the total supply, which is equivalent to $61 million. A tweet from Bubblemaps emphasized these insider activities.
Additionally, Andrew Tate received 40% of the DADDY token supply from DaddyTateCTO on June 9. Tate’s failure to burn the 40% supply of tokens he possesses may result in him selling them at any moment, which could have a substantial impact on the token’s value, despite the fact that he has acquired and destroyed $10,000 worth of tokens. At present, the value of the remaining 40% is $122 million.
Additionally, 10% of the total supply, which is valued at $30 million at the current price, is held by two other clusters of wallets that are connected through wallet 4SfQWh. In addition, Tate acquired these clusters prior to his initial tweet promoting the token. Tate’s influence and the aggressive marketing campaign have continued to propel Daddy Tate (DADDY) to new heights in the memecoin market, despite these insider activity claims.
Bublemaps reported similarly insider activity with the MOTHER token last month, indicating that 20% of its supply was purchased by insiders at inception prior to Iggy Azalea’s initial promotional post. Vitalik Buterin, the founder of Ethereum, has previously expressed his disapproval of celebrities who have launched their own currencies, cautioning that these endeavors frequently lack transparency and can deceive investors.
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