According to Bubblemaps’ analysis, a small number of wallets acquired 30% of the memecoin DADDY supply before Andrew Tate’s online promotion.
Even though there have been allegations of substantial insider trading, a cryptocurrency token backed by controversial social media personality Andrew Tate has outperformed the token introduced by diva Iggy Azalea.
As of this now, DEX Screener reports that Daddy Tate (DADDY), a Solana memecoin that the former professional kickboxer has been pushing since at least June 11 on X, has reached a $300 million market valuation and is selling for $0.30, up 218% from the previous day.
On the other hand, the market capitalization of Azalea’s Mother Iggy (MOTHER) token has decreased to about $153 million from its June 6 peak of $267.58 million. According to research, its price has likewise decreased from its June 6 high of $0.27 and is currently trading at $0.15, up more than 7% from the previous day.
Daddy Tate hasn’t been without controversy; an analytics company has claimed that there has been questionable insider trading with the token.
Large-scale insider trading on Andrew Tate token
In a June 12 X post, the cryptocurrency analytics company Bubblemaps criticized Tate’s promoted token, claiming to have “found huge insider activity.”
It stated, “Prime insiders purchased 30% of the initial supply before Andrew Tate began to promote it on X.”
It states that on June 9, before Tate’s initial X post, 11 wallets purchased 20% of the DADDY token supply, valued at approximately $61.4 million. Through Binance, “nearly identical amounts at the same time” were used to fund each person.
Although Bubblemaps could not verify if they were in the same group, “the timing and amounts strongly suggest they do,” the company said.
A small concentratoken’s wallets held one-fifth of the token’s supply, and the company warned that “one way “let selling could crash the liquidity.”
10% “of the token supply, or roughly $30 million, is reportedly held by additional wallets connected to the organization; these purchases were made before Tate’s post.
Tate “could “start selling at any moment” and has not yet used up 40% of the token supply that he is presently holding, according to Bubblemaps. A portion of the token is valued at roughly $122.8 million.
Tate wrote that he would “never “ell what was sent to my wallet; I will only burn and buy” in response to BubblemBubblemaps’tion.
The analytics company reported last month that it discovered comparable behavior on MOTHER and that insiders had purchased 20% of the token’s supply before Azalea’Azalea’sl posted about it.
