tl;dr
Controversial social media influencer Andrew Tate has announced his support for the DADDY meme coin, vowing to burn $100 million worth of cryptocurrency during a live stream. Despite his claim that he won't profit from the meme coins, blockchain data suggests insider activities. Tate's involvement w...
Controversial social media influencer Andrew Tate has announced his support for the DADDY meme coin, vowing to burn $100 million worth of cryptocurrency during a live stream. Despite his claim that he won't profit from the meme coins, blockchain data suggests insider activities. Tate's involvement with DADDY starkly contrasts musician Iggy Azalea's MOTHER meme coin. Before Tate's promotion, insiders reportedly purchased 30% of the coin's supply, and additional suspicious insider activities have been detected. Tate's history with meme coins includes promoting coins like Real Nigger Tate (RNT) and TOPG, which saw significant declines in the past 24 hours. In a video, Tate openly criticized the crypto community, calling them "losers" and commenting on the degeneracy in the crypto ecosystem. This controversy underscores the potential risks and ethical dilemmas in celebrity-driven crypto promotions.
Tate’s involvement with the DADDY meme coin starkly contrasts musician Iggy Azalea’s MOTHER meme coin. "I heard about a coin called MOTHER, so now I’m supporting a coin called DADDY to flip it for the patriarchy,” Tate said. However, this endorsement has raised eyebrows. Bubblemaps, a blockchain data analytics firm, detected suspicious insider activities surrounding the launch of DADDY. Before Tate’s promotion, insiders reportedly purchased 30% of the coin’s supply. These holders now allegedly possess assets exceeding $45 million.
The intrigue deepened on June 9, when DaddyTateCTO transferred 40% of the DADDY supply to Tate. Subsequently, Tate bought and burned $10,000 worth of tokens. Although he claimed not to have sold any tokens, other questionable transactions surfaced. According to Bubblemaps, 11 wallets, funded through Binance with nearly identical amounts at the same time, bought 20% of DADDY on June 9, before DaddyTateCTO’s first tweet. These crypto wallets now control about 19% of the total supply, valued at $30 million.
Furthermore, two additional clusters holding 10% of the total supply are linked through a crypto wallet – 4sfQW. These groups also made purchases before Tate’s promotional activities and now hold $16 million worth of tokens.
Andrew Tate’s history with meme coins is notable. He previously promoted coins like Real Nigger Tate (RNT) and TOPG. After his endorsement, RNT soared to a market cap of $61.1 million, and TOPG reached $38.01 million. Nevertheless, these coins have seen drastic declines in the past 24 hours. RNT dropped by over 45%, and TOPG fell by 35%.
Ironically, in a 17-minute video, Tate openly criticized the crypto community. “You are all losers. If I type a word on Twitter, millions of dollars go into tickers based on that word. If I say certain things on camera, millions of dollars move,” Tate said. He bluntly commented on the degeneracy in the crypto ecosystem.
This latest controversy highlights the potential risks and ethical dilemmas in celebrity-driven crypto promotions.
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