Bubblemaps’ analysis suggests that a few wallets bought 30% of the memecoin DADDY’s supply before Andrew Tate promoted it online.
Despite accusations of insider trading, the crypto token promoted by the controversial social media figure has surpassed the token launched by rapper Iggy Azalea.
Daddy Tate Token Surpasses MOTHER Amid Controversy
Daddy Tate (DADDY), a Solana memecoin promoted by former pro kickboxer Andrew Tate since at least June 11 on X, has reached a market capitalization of $300 million. According to DEX Screener, it is currently trading at $0.30, marking a 218% increase over the last day.
In contrast, Iggy Azalea’s Mother Iggy (MOTHER) token has seen its market cap drop from a peak of $267.58 million on June 6 to approximately $153 million. The token’s price has also fallen from a high of $0.27 on June 6 to $0.15, although it has risen over 7% in the last day.
In the last 24 hours, DADDY surged. Source: DEX Screener
Daddy Tate’s rise hasn’t been without controversy. An analytics firm has claimed there was suspicious insider activity related to the token.
Controversy Surrounding Andrew Tate’s Promoted Token
Crypto analytics firm Bubblemaps has raised concerns about Andrew Tate’s promoted token, Daddy Tate (DADDY), citing “huge insider activity” in a post on June 12.
Bubblemaps reported that insiders purchased 30% of the token supply at launch before Tate began promoting it on X. According to the firm, 11 wallets acquired 20% of the DADDY token supply on June 9, which would now be worth approximately $61.4 million. These transactions were reportedly funded through Binance with nearly identical amounts at the same time.
Although Bubblemaps could not confirm whether these wallets belong to the same group, the timing and amounts strongly suggest a coordinated effort. The firm warned that with such a significant concentration of the token supply in a few wallets, the liquidity could be severely impacted if any of these wallets were to sell.
In addition, Bubblemaps identified more wallets linked to this group, holding another 10% of the token supply, worth around $30 million, also purchased before Tate’s initial promotion.
Despite holding 40% of the token supply, worth about $122.8 million, Tate has not yet sold any of his tokens. Bubblemaps warned that he “could start selling at any moment.” In response to these allegations, Tate stated that he would “never sell what was sent to my wallet, I will only burn and buy.”
Bubblemaps also noted similar insider activity with Iggy Azalea’s Mother Iggy (MOTHER) token, where insiders reportedly bought 20% of the supply at launch before Azalea’s first promotion of the token.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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