Controversial social media influencer Andrew Tate has announced his support for the DADDY meme coin. He vowed to burn $100 million worth of cryptocurrency during a live stream. However, blockchain data suggests insider trading activities, raising ethical questions.
Tate’s Involvement with DADDY Coin
Andrew Tate’s involvement with the DADDY meme coin sharply contrasts musician Iggy Azalea’s MOTHER meme coin. “I heard about a coin called MOTHER, so now I’m supporting a coin called DADDY to flip it for the patriarchy,” Tate stated. While he claims he will not profit from these meme coins, blockchain data reveals otherwise.
Suspicious Insider Activities Uncovered
Bubblemaps, a blockchain data analytics firm, detected suspicious insider activities surrounding the launch of DADDY. Before Tate’s promotion, insiders reportedly purchased 30% of the coin’s supply. These holders now allegedly possess assets exceeding $45 million.
On June 9, DaddyTateCTO transferred 40% of the DADDY supply to Tate. Subsequently, Tate bought and burned $10,000 worth of tokens. Although he claimed not to have sold any tokens, other questionable transactions surfaced. According to Bubblemaps, 11 wallets, funded through Binance with nearly identical amounts at the same time, bought 20% of DADDY on June 9, before DaddyTateCTO’s first tweet. These crypto wallets now control about 19% of the total supply, valued at $30 million.
Furthermore, two additional clusters holding 10% of the total supply are linked through a crypto wallet – 4sfQW. These groups also made purchases before Tate’s promotional activities and now hold $16 million worth of tokens.
Andrew Tate’s Meme Coin History
Andrew Tate’s history with meme coins is notable. He previously promoted coins like Real Nigger Tate (RNT) and TOPG. After his endorsement, RNT soared to a market cap of $61.1 million, and TOPG reached $38.01 million. However, these coins have seen drastic declines. RNT dropped by over 45%, and TOPG fell by 35%.
TL;DR
Andrew Tate’s promotion of the DADDY meme coin has raised significant concerns about potential insider trading. As blockchain data continues to unveil suspicious activities, the ethical implications of such endorsements are brought into question. With a history of drastic value drops post-promotion, Tate’s involvement in the meme coin market remains controversial.
