Altcoin
Andrew Tate Predicts Solana Downturn To Boost “Real” Projects To ATH
Controversial internet personality and cryptocurrency enthusiast Andrew Tate has made waves with his recent statements on Solana (SOL) and the broader crypto market. On his social media platform X (formerly Twitter), Tate commented on Solana’s recent price decline, suggesting that it could eliminate weaker projects.
Andrew Tate On Solana Downturn
At the time of writing, the SOL price slipped by 3.34% to $$137.17 on Tuesday, June 18. Whilst, the crypto boasted a market valuation of $63.71 billion. Moreover, in the last seven days, Solana has lost over 11% in value, plunging from $160 to the current lows.
Andrew Tate believes that the Solana dip allows weaker projects to fall away and stronger. “Amazing downturn in Solana to let a bunch of projects die and the real ones bounce back to new ATH,” Tate wrote. Hence, he hinted at a selective survival within the ecosystem.
The implication is that the downturn will ultimately be beneficial. Furthermore, Tate noted that the downturn will streamline the market by removing underperforming or fraudulent projects. In addition, Tate expects projects with real potential to thrive, hitting an all-time high (ATH).
Among the “real” projects Tate alludes to is the DADDY meme coin, which he has consistently endorsed. Moreover, in a dramatic and bold move, Tate announced that he will publicly purchase and burn $1 million worth of DADDY tokens on an X live stream.
The burn will be initiated if the meme coin reaches a market capitalization of $300 million within the next 10 days. This announcement is seen as a strategic effort to boost investor confidence and drive up the token’s value.
Also Read: Top Performing Meme coins in This Crypto Market Crash
Is DADDY A ‘Real’ Crypto Project?
The DADDY coin is inspired by Tate’s online persona and branding. The crypto is one of many Solana meme coins that have gained popularity in the volatile market. Tate’s endorsement and his high-stakes promise have generated significant buzz within the crypto community.
However, whether Tate’s DADDY coin project is “real” is still uncertain. The meme coin project is accused of being subject to heavy insider trading with Tate as the main suspect. Last week, Bubblemaps, an on-chain data tracking platform, revealed that insiders hold a whopping 40% of the total DADDY token supply.
They suspected Tate to hold a major share as well. Subsequently, Tate burned a staggering $110 million worth of DADDY coin. This burn propelled the price higher albeit momentarily. Moreover, responding to the allegations, Tate affirmed that he would never sell his DADDY reserve but will “buy and burn” forever.
Also Read: Investors Are Rushing To Buy This Meme Coin Prior To the Mike Tyson vs. Jake Paul Fight: Here’s Why
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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