• Andrew Tate launched a new memecoin called Daddy Tate (DADDY) to compete with Iggy Azalea’s MOTHER token
• DADDY token was accused of insider trading activity before Tate started promoting it
• Despite the allegations, DADDY surpassed MOTHER in market capitalization after Tate’s promotion
Former pro kickboxer and controversial online figure Andrew Tate started promoting a new memecoin called DADDY on June 11. He claimed it would directly compete with rapper Iggy Azalea’s memecoin MOTHER, which has been the most successful celebrity meme coin launch so far.
Tate stated he held zero DADDY tokens initially but knew there were many other meme coins related to him already. He then challenged popular crypto trader Ansem to a boxing match, suggesting the loser donates $10 million to a meme coin of the winner’s choice.
Tate’s Promotional Approach Draws Mixed Reactions
Tate’s aggressive promotion of DADDY drew very mixed reactions from the crypto community. While some found it humorous, others criticized the sexist jokes and domestic violence references he used to target Azalea’s MOTHER token.
DADDY Token Accused of Insider Trading
On June 15, crypto analytics firm Bubblemaps accused the DADDY token of suspicious insider trading activity before Tate began promoting it.
According to Bubblemaps, insiders allegedly bought 30% of the total token supply right at launch. Tate’s team later sent him 40% of the total supply, which he promised not to sell. Tate also bought $10,000 worth of DADDY himself and burned the tokens.
Despite this, Bubblemaps found 11 wallets holding 20% of the total supply that appear to be linked. The timing and amounts suggest they belong to the same insider group. Two other clusters holding 10% of the supply also seem connected.
Bubblemaps warned investors to be cautious, as these insiders remain active on DADDY and are trying to cover their tracks.
DADDY Surges Past MOTHER Despite Controversy
After Tate’s promotional post, DADDY surged over 140% on June 15 to reach a market cap of $280 million – surpassing MOTHER’s market cap despite the controversy.
Since then, DADDY has pulled back 32% but remains higher than MOTHER in terms of market cap. MOTHER also saw a temporary surge from Tate’s promotion but has retraced nearly 40% from its all-time high on June 5.
In summary, while DADDY has quickly gained traction, its controversial promotion and potential insider trading activity raise red flags for investors. MOTHER still exhibits strong growth as well, even after pulling back from its peak.
