A controversial social media personality, Andrew Tate, has seen his crypto token, Daddy Tate (DADDY), outperform rapper Iggy Azalea’s token, Mother Iggy (MOTHER), despite allegations of insider trading activities.
DADDY, a memecoin based on Solana that Tate has been promoting since at least June 11, has reached a market capitalization of $300 million and is currently trading at $0.30, marking a 218% increase in the last 24 hours, according to DEX Screener. On the other hand, MOTHER’s market cap has dropped from its peak of $267.58 million on June 6 to around $153 million, with its price falling from $0.27 to $0.15.
In a recent surge, DADDY’s price rose from around 10 cents to over 30 cents in just 24 hours. However, Bubblemaps, a crypto analytics firm, raised concerns about insider activity surrounding Tate’s token. The firm revealed that 11 wallets acquired 20% of the DADDY token supply on June 9, before Tate’s promotional efforts began, and these wallets are now valued at approximately $61.4 million.
Bubblemaps also warned about the potential risks associated with a small group of wallets holding a significant portion of the token’s supply, as it could lead to a liquidity crash if one wallet decides to sell. Tate, who currently holds 40% of the token supply, has stated that he has no intention of selling and will only burn and buy more tokens.
Responding to the allegations, Tate emphasized that he would not sell any tokens in his possession and would only engage in burning and purchasing activities. Bubblemaps previously reported similar insider trading activity surrounding MOTHER, with insiders acquiring 20% of the token supply before Azalea’s initial promotion.
In related news, a leaked celebrity price list revealed the involvement of Caitlyn Jenner in a meme coin project.