Just a year after disavowing crypto, former kickboxer and social media personality Andrew Tate began a meme coin spending spree late last week, shilling a number of tokens in the process. The latest token he’s endorsed has skyrocketed past a $275 million market cap, but on-chain analysts are alleging significant insider activity ahead of the surge.
DADDY is the latest in a line of tokens that self-proclaimed misogynist Tate has publicly supported. Tate claims to have chosen DADDY as a direct rival to Iggy Azalea’s MOTHER token in an attempt to, as he put it, “flip it for the patriarchy.”
Since launching on June 9, the Solana-based DADDY token climbed in value—but it wasn’t until Tate started promoting the project that it really started to jump. On Tuesday afternoon, Tate posted his first tweet referencing the token before actively shilling the project in the early hours of Wednesday morning.
As a result, the Solana token is up over 450% to a price of $0.28 over the past 24 hours. But crypto analytics startup Bubblemaps has called foul play, claiming that a large portion of the supply was bought at launch with more being purchased before Tate promoted it on Twitter.
Bubblemaps claims that shortly after the token launched, the creator of DADDY sent Andrew Tate’s public wallet 40% of the supply, while Tate later bought and burned an additional $10,000 worth of tokens. But, as proclaimed by Tate himself, he didn’t sell any tokens.
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
Instead, nearly 20% of the total supply was snatched up by just 11 wallets funded through Binance, all before the meme coin posted on its Twitter account for the first time. Bubblemaps cannot confirm the source of these wallets, but the firm believes the timing and amount bought “strongly suggest” they all come from the “same group.”
“These wallets hold ~19% of the total supply, worth $30 million at the current price,” Bubblemaps said on Twitter early Wednesday, ahead of the latest gains. “One wallet selling could crash the liquidity.”
In addition to this group, the analytics firm highlighted another cluster of wallets that holds 10% of the supply, all bought before Tate’s first tweet, which Bubblemaps said has apparently been attempting to cover its tracks by splitting funds into separate wallets.
For now, Tate claims that he won’t sell any crypto tokens—going as far as to publicly denounce crypto again on Twitter. That said, there is nothing stopping him from selling his over $100 million share of DADDY tokens that make up 40% of the total supply.
“Real Gs know that their money is safe with a real G,” Tate tweeted in response to concerns, as fears circulated that he may dump on investors. “I will never sell what was sent to my wallet, I will only burn and buy.”
Not all of Twitter bought his promise as pseudonymous crypto influencer Ansem—who had previously slammed Tate, challenging him to a boxing fight—accused him of owning the wallets with suspicious activity. Tate’s response to these serious accusations was simply, “Shut up hoe.”
This all comes amid the Tate’s trail for alleged human trafficking and rape in Romania. More recently, in March, British authorities issued a separate arrest warrant for Andrew Tate and his younger brother Tristan on charges related to rape and sexual assault. Romanian authorities agreed to extradite the influencer only after the conclusion of his trial in their country.
Tate is currently in Romania awaiting trial. He is barred from leaving the country.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Source: https://decrypt.co/235020/andrew-tate-solana-token-daddy-450-insider-buying
