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It was revealed that Andrew Tate himself received 40% of the DADDY supply from DaddyTateCTO on June 9.
The cryptocurrency token promoted by social media personality Andrew Tate has recently surpassed the token launched by rapper Iggy Azalea, despite facing allegations of significant insider trading. Known as Daddy Tate (DADDY), this Solana-based meme coin has achieved a market capitalization of $300 million and is currently trading at $0.30, marking a 218% increase in the last 24 hours.
Meanwhile, Iggy Azalea’s Mother Iggy (MOTHER) token has experienced a sharp decline, with its market cap dropping from a peak of $267.58 million on June 6 to about $153 million. Its price has similarly fallen from a high of $0.27 on June 6 to $0.15.
Initially, Andrew Tate was skeptical about launching his own cryptocurrency. However, with the rise in popularity of meme coins, he decided to leverage this trend. His success can be attributed to a highly aggressive marketing campaign, despite the lack of substantial backing.
However, DADDY’s rise has not been without controversy.
Tate’s Token Insider Activity Claims
An analysis by Bubblemaps has raised concerns about insider trading activities surrounding the DADDY token. According to their findings, a few wallets purchased 30% of the DADDY supply before Andrew Tate started promoting it online.
These wallets, funded through Binance with nearly identical amounts at the same time, bought 20% of DADDY on June 9, before the first promotional tweet by Daddy Tate’s CTO. These wallets now hold about 19% of the total supply, worth $61 million at current prices.
A tweet from Bubblemaps highlighted these insider activities.
1/ We found huge insider activity on $DADDY 🚨
Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+
A thread 🧵 ↓ pic.twitter.com/UyB4SpAs9Z
— Bubblemaps (@bubblemaps) June 12, 2024
Further, it was revealed that Andrew Tate himself received 40% of the DADDY token supply from DaddyTateCTO on June 9. While Tate bought and burned $10,000 worth of tokens, the fact that he hasn’t burned the 40% supply he holds means he could start selling at any moment, which could significantly impact the token’s value. This remaining 40% is currently worth $122 million.
Additionally, two other clusters of wallets, connected through wallet 4SfQWh, hold 10% of the total supply, worth $30 million at the current price. These clusters were also bought before Tate’s first tweet promoting the token. Despite these insider activity claims, the aggressive marketing campaign and Tate’s influence continue to propel Daddy Tate (DADDY) to new heights in the memecoin market.
Last month, Bublemaps reported similar insider activity with the MOTHER token, revealing that insiders purchased 20% of its supply at launch before Iggy Azalea made her initial promotional post. Ethereum founder Vitalik Buterin has previously criticized celebrities for launching their own coins, warning that these ventures often lack transparency and can mislead investors.
