Altcoin
Andrew Tate Spotlights DADDY Listing On CoinMarketCap Amid $110M Token Burn
Former kickboxer Andrew Tate has again drawn attention to Daddy Tate (DADDY), a Solana meme coin, following its listing on CoinMarketCap. Moreover, the internet personality has continued to rally efforts for the DADDY coin’s promotion. Furthermore, the infamous internet celebrity also initiated a gigantic $110 million burn for the DADDY crypto.
Andrew Tate & His DADDY Meme Coin Saga
In a tweet, Andrew Tate announced, “$DADDY is live on [CoinMarketCap].” This follows a major burn of DADDY coins, valued at $110.59 million, which saw 400 million tokens removed from circulation. Moreover, Tate had conducted a stream X space to express his joy after burning the massive meme coin reserve.
Tate, who has a massive social media following, has been vocal about his involvement with the DADDY coin. He has stated his intent to impact the Solana network significantly. His Solana wallet includes various meme coins, many inspired by him, with DADDY being the most notable.
In addition, the DADDY coin’s market cap surged to $300 million following the burn, an impressive feat for a newly launched meme coin. As of writing, the DADDY coin price soared 14.11% to $0.2704 on Friday, June 14, according to CoinMarketCap data.
Tate has a history of similar activities in the crypto space. He previously burned 567 million tokens of Top G (TOP G), another Solana meme coin. This burn led to a 200% rally in the coin’s price, although it later plummeted. Hence, netizens have cautioned that DADDY coin might follow a similar trend.
Also Read: Memecoins Making Waves With Potential Gains of Up to 170%
Insider Trading Allegations
The recent surge in Daddy Tate’s price has not come without controversy. Bubblemaps, a blockchain analytics avenue, has raised concerns of insider trading within the DADDY meme coin project. In a detailed thread on June 12, Bubblemaps claimed that at the launch, insiders acquired 30% of the token supply. This amounted to over $45 million spread across 21 wallets.
Further on-chain data from Bubblemaps revealed suspicious activities on June 9. Just before the official announcement of the DADDY coin, 11 wallets funded through Binance bought 20% of the DADDY supply. These wallets now hold about 19% of the total supply, valued at $30 million.
Bubblemaps noted, “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.” Additionally, Bubblemaps uncovered two more clusters connected through a specific wallet.
These clusters acquired 10% of the DADDY supply, equivalent to $16 million, before Tate’s promotional activities. The firm warned that any sales from these wallets and Tate’s unburned tokens at the time, which account for 40% of the total supply, could affect the coin’s liquidity.
In response to these allegations, Tate remained defiant. He asserted, “I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands.” This statement aims to reassure the market of his commitment to holding onto the tokens.
The DADDY coin’s rapid market cap growth and the substantial token burn are noteworthy events. However, the allegations of insider trading and the potential impact on liquidity remain critical issues to watch. Moreover, Tate’s involvement in the DADDY coin project highlights the influence of high-profile individuals in the volatile crypto market.
Also Read: 3 Cat-Themed Meme Coins To Sell Amid Red-Zone
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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