- Andrew Tate’s new memecoin DADDY Token soared to a $300 million market cap within a day, raising scam fears due to suspected insider trading before his promotion.
- An investigation found that insiders acquired 30% of the DADDY supply before Tate’s promotion, allowing them to profit heavily from the price surge.
- Tate aims for DADDY to surpass Iggy Azalea’s MOTHER token, framing it as a battle of masculinity versus femininity.
Andrew Tate, a controversial internet personality, recently launched a new cryptocurrency called DADDY Token. The memecoin skyrocketed to a $300 million market capitalization in just one day amid accusations of insider trading and manipulation. However, questions surround the sustainability and legitimacy of DADDY’s impressive growth.
DADDY Token’s Meteoritic Rise
DADDY Token is a Solana-based memecoin promoted heavily by Andrew Tate across his social media channels. After Tate’s endorsement, DADDY reached a staggering $300 million market cap within 24 hours, representing a circa 200% price increase. However, this rapid surge sparked scam fears given signs of insider trading before Tate’s promotion.
Concerns Around Insider Trading
Investigations by Bubblemaps suggest significant insider trading of DADDY Tokens before Tate’s public support. A group of 11 wallets linked to Binance accounts acquired around 20% of the total supply on June 9th, days before Tate’s first post. These wallets now hold $30 million worth of tokens. Additionally, Tate received 40% of the total supply directly from the contract creator. This raises doubts around Tate’s motivations and potential for manipulation.
Tate’s Rationale and Responses
Tate claims he wants to prove the power of masculinity and drive DADDY’s value to $1 billion. He has pledged to publicly burn his holdings once reaching a $100 million valuation. Tate positions this as a proof of trustworthiness and states he’s not profit-driven. However, he has blocked Bubblemaps on social media following their investigation.
DADDY vs. MOTHER
Another driver of Tate’s DADDY promotion is rivaling Iggy Azalea’s memecoin MOTHER. Tate wants DADDY to prevail over MOTHER to showcase masculine strength. However, both tokens now face sustainability concerns given the turbulent nature of celebrity-backed memecoins.
Conclusion
In summary, while DADDY Token exploded in value after Tate’s endorsement, its future remains uncertain. The questionable practices surrounding its launch and promotion raise doubts about its longevity. Only time will tell whether DADDY can maintain momentum or will fade as quickly as it emerged.
