According to a recent analysis by Bubblemaps, a small number of wallets acquired 30% of the DADDY memecoin supply before it was promoted online by Andrew Tate.
Andrew Tate’s DADDY Token Surges Amid Insider Trading Claims
Andrew Tate’s promoted crypto token, Daddy Tate (DADDY), has achieved a remarkable market capitalization of $300 million and is currently trading at $0.30, marking a 218% increase in the last 24 hours, according to DEX Screener. This Solana-based memecoin has outperformed the token launched by rapper Iggy Azalea, despite facing significant insider trading allegations.
Comparison with Iggy Azalea’s MOTHER Token
In contrast, Azalea’s Mother Iggy (MOTHER) token has seen its market cap decline from a peak of $267.58 million on June 6 to around $153 million. The token’s price has also dropped from its $0.27 high and is now trading at $0.15, up over 7% in the last day.
Insider Trading Allegations by Bubblemaps
Daddy Tate’s rise hasn’t been without controversy. Bubblemaps, a crypto analytics firm, highlighted suspicious insider activity related to the token in a June 12 post on X. The firm claimed that insiders purchased 30% of the DADDY token supply at launch, before Andrew Tate began promoting it.
Bubblemaps identified 11 wallets that bought 20% of the DADDY supply on June 9, before Tate’s first promotion, now valued at approximately $61.4 million. These wallets were funded through Binance with nearly identical amounts at the same time, suggesting potential collusion.
Concerns About Token Distribution
With a significant portion of the DADDY token supply concentrated in a few wallets, Bubblemaps warned that a single wallet selling could crash the liquidity. Additional wallets linked to the group hold another 10%, or about $30 million, of the supply, also purchased before Tate’s promotion.
Andrew Tate’s Response
Despite holding 40% of the DADDY token supply, worth about $122.8 million, Tate asserted he would not sell his tokens. “I will never sell what was sent to my wallet; I will only burn and buy,” Tate posted in response to the allegations.
Similar Activity in MOTHER Token
Bubblemaps also reported similar insider trading activity in the MOTHER token, noting that insiders bought 20% of its supply at launch before Iggy Azalea’s initial promotion.
Conclusion
The DADDY token’s rapid rise and insider trading allegations highlight the complexities and potential pitfalls of the cryptocurrency market. As the investigation continues, investors remain cautious, reflecting on the broader implications for transparency and trust in the crypto space.
