Andrew Tate’s latest venture with Daddy Tate (DADDY) meme coin has captured significant attention. Recently, Tate undertook a high-profile action by burning over 400 million DADDY coins.
This move ostensibly reduced the supply and sparked wide-ranging reactions within the crypto community.
Andrew Tate Burns $114 Million Worth of DADDY Meme Coin
Despite the dramatic gesture, which Tate described during a live stream as “legendary” and a world-changing event, the actual market ramifications are nuanced. The value of the burned coins was nearly $114 million, but this figure is primarily on paper.
The liquidity of DADDY in the market stands at a mere $2.5 million. Consequently, if Tate had attempted to sell these meme coins instead of burning them, the resulting rug pull could have drastically undercut their value.
Notably, Tate hinted in a post on X (Twitter) that he envisions DADDY reaching a $1 billion market cap. Currently, the market cap is about $165 million, according to data from DEX Screener. This bold claim contrasts sharply with recent insider activities, potentially setting the stage for volatile market movements.
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According to Lookonchain, a notable on-chain analysis platform, an insider transaction involved the sale of 15.14 million DADDY meme coins for approximately $1.74 million, realized in Solana (SOL). This insider initially acquired a substantial 29.8 million DADDY for just $1,950, leveraging three different wallets.
“He currently has 14.7 million DADDY left, worth $2.8 million. His total profit is $5.6 million, a gain of 2,875x,” Lookonchain said.
Furthermore, Bubblemaps, another blockchain data analytics firm, has illuminated the situation by detecting suspicious trading patterns around the time of DADDY’s launch. Before Tate’s promotional activities, insiders reportedly acquired 30% of DADDY’s total supply.
These wallets, funded through Binance, could not be conclusively linked, but their synchronized activities suggest coordinated action. The implications of such maneuvers are considerable, as a sale by any one of these wallets could significantly impact DADDY’s liquidity and overall market stability.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
Andrew Tate, no stranger to controversy in the crypto ecosystem, has also been associated with meme coins such as Real Nigger Tate (RNT) and TOPG.
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