Andrew Tate is a controversial social media celebrity who has been making many people angry with his statements. Recently, his token – DADDY, has surpassed Iggy Azalea’s token MOTHER. This came as a surprise to the crypto community since Tate has allegedly been involved with insider trading activity.
Daddy Tate (DADDY) is a Solana-based memecoin. Since at least June 11, he has been promoting this token on X (formerly known as Twitter). The DADDY token has achieved a market capitalization of $300 million, with a current trading price of $0.30. This represents a 218% increase over the last day, according to data from DEX Screener.
In contrast, Iggy Azalea’s token, Mother Iggy (MOTHER), has seen its market capitalization almost halved. From a peak of $267.58 million on June 6, it has dropped to around $153 million. The token’s price has fallen from a high of $0.27 on June 6 to $0.15, despite a recent increase of over 7%.
Allegations of Insider Trading Surround Daddy Tate Token
The rise of Daddy Tate has not been without controversy. Crypto analytics firm Bubblemaps has raised concerns about suspicious insider activity related to the token. In a post on June 12, Bubblemaps claimed to have found “huge insider activity” associated with DADDY.
According to Bubblemaps, insiders bought 30% of the token supply at launch before Andrew Tate began promoting it on X. Specifically, 11 wallets reportedly acquired 20% of the DADDY token supply on June 9, just before Tate’s first promotional post. These tokens, now worth about $61.4 million, were funded through Binance with nearly identical amounts at the same time.
Bubblemaps indicated that it could not definitively confirm whether these wallets belonged to the same group, but noted that “the timing and amounts strongly suggest they do.” The firm warned that the concentration of wallets holding one-fifth of the token’s supply could be risky, as “one wallet selling could crash the liquidity.”
In addition, Bubblemaps reported that more wallets linked to this group hold another 10%, or approximately $30 million, of the token supply. These tokens were also purchased before Tate’s initial post.
Andrew Tate himself holds 40% of the token supply, a share valued at about $122.8 million. Bubblemaps cautioned that Tate could start selling his share at any moment. However, Tate responded to these allegations by stating he would “never sell what was sent to my wallet, I will only burn and buy.”
Bubblemaps has previously identified similar insider activity in the MOTHER token. According to the firm, insiders purchased 20% of the token’s supply at launch before Iggy Azalea made her first promotional post.
In summary, while Daddy Tate has achieved significant market success, it faces scrutiny over potential insider trading activities. The involvement of insiders in buying large portions of the token supply before public promotions raises concerns about market manipulation. This situation highlights the need for transparency and ethical practices in the rapidly evolving world of cryptocurrency.
Disclaimer
FAQ
Daddy Tate (DADDY) is a Solana-based memecoin promoted by Andrew Tate, which has recently achieved a market capitalization of $300 million.
The Daddy Tate Token has seen a 218% increase in its trading price, reaching $0.30, and a market capitalization of $300 million.
While the Daddy Tate Token has seen a substantial increase in market capitalization, Iggy Azalea’s Mother Token has experienced a significant decline, with its market capitalization dropping to around $153 million.
