Controversial social media influencer Andrew Tate announced his support for the DADDY meme coin. He vowed to burn $100 million worth of cryptocurrency during a live stream.
While Tate maintains that he will not make any money through the meme coins, blockchain data suggests insider activities.
Andrew Tate Says Crypto Investors Are Losers
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.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
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.
“Since they are funded through Binance, we can’t 100% confirm they belong to the same group. However, the timing and amounts strongly suggest they do. One wallet selling could crash the liquidity,” Bubblemaps warned.
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.
“What I have learned about the crypto market is that you are all soul-less cowards. Because it turns out that you will buy anything, you degens will buy anything if you think you can make a little bit of money,” Tate continued.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
This latest controversy highlights the potential risks and ethical dilemmas in celebrity-driven crypto promotions.
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