- Memecoins promoted by Andrew Tate have lost more than 99% of their value since June.
- Celebrity-backed tokens, including Roost, faced major price drops, raising concerns of insider trading.
- Over 30 Solana-based celebrity tokens saw their value drop significantly within weeks of launching.
Cryptocurrency tokens promoted by controversial social media figure Andrew Tate have seen dramatic losses in value, with most dropping more than 99% since his endorsements began in June. These Solana-based memecoins, which have little to no utility, were heavily promoted across social media, but their rapid decline has raised questions about potential insider trading.
Massive Losses for Tate-Endorsed Tokens
Among the most notable examples is the Germany Token (GER), one of the many memecoins endorsed by Tate. On-chain data shows that a small group held 30% of the token’s supply, and within two months, its value dropped by 99%. Despite the lack of practical use, these tokens initially gained attention due to their volatility, with some traders making large profits in a short period. However, the overall trend has been a sharp decline.
The Roost (ROOST) token, another project supported by Tate, saw its price plummet after his promotional efforts. A recent video investigation revealed that Roost’s treasury wallet was hacked, further complicating the situation for investors.
Celebrity Memecoins Fail to Gain Traction
Tate isn’t the only public figure to face scrutiny over memecoin endorsements. Other celebrities, including Iggy Azalea and Caitlyn Jenner, have also launched their own tokens, most of which have experienced similar fates. Cryptocurrency analyst Slorg reported that over 30 celebrity-endorsed tokens lost at least 73% of their value within weeks of launching.
The ongoing crash of celebrity-backed memecoins continues to erode trust in the market, particularly among retail investors who are drawn to these projects through social media promotions. Despite brief spikes in value, most of these tokens have failed to sustain long-term growth, leaving many investors at a loss.
