Oct Logo
Search Icon
Oct Logo
Search Icon
Bitcoin iconETH
$0000
arrow icon0.61%
Andrew Tate Shills Meme Coin Amid Insider Trading Concerns

Andrew Tate Shills Meme Coin Amid Insider Trading Concerns

Andrew Tate promotes DADDY meme coin, pledging to burn $100M in tokens, but insider trading suspicions cloud the endorsement.

Image of Tanishq BodhTanishq BodhNews

Jun 12, 2024

Written By Tanishq Bodh

Author: Tanishq Bodh

Written On: Wed, 12 Jun 2024 17:38:16 GMT

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.

Trusted

Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.

In this article

Tate’s Involvement with DADDY Coin

Suspicious Insider Activities Uncovered

Andrew Tate’s Meme Coin History

TL;DR

Hero Image
Share with your community!
FacebookXLinkedIn
Hero Image
Share with your community!
FacebookXLinkedIn

Related reads