Tate

Despite no evidence showing Andrew Tate has sold tokens from his disclosed wallets, there are allegations of insider buying activity before the DADDY meme coin’s promotion on social media, indicating a concentration of tokens in a few hands.
Wallet tracking service Bubblemaps reported that insiders connected to social influencer Andrew Tate’s DADDY meme token are potentially sitting on $45 million in unrealized gains. Bubblemaps highlighted this in a recent post on X (formerly Twitter).
While Tate’s wallets haven’t sold any DADDY tokens since their issuance on June 9, other wallets allegedly bought 30% of the token’s supply before it was promoted on X.
“On June 9th at 21:24 UTC, @DaddyTateCTO sent 40% of the $DADDY supply to @Cobratate,” Bubblemaps posted. @Cobratate is Tate’s official X account. The service also noted that 11 wallets, funded through Binance with nearly identical amounts at the same time, purchased 20% of $DADDY on June 9th, before @DaddyTateCTO’s first tweet.
Additionally, two other clusters tracked by Bubblemaps hold another 10% of the token’s supply, valued at $30 million at current prices.
The token’s trading pools have just over $2.4 million in available liquidity, making it difficult to realize the full value of these positions as of Thursday. Tate’s own wallet, which has not sold any tokens yet, holds $65 million worth of DADDY tokens at current prices.
This is the first crypto token that the controversial social media star appears to be directly involved in, which helped push the token to a $240 million market capitalization just three days after launch. DEXTools data shows that DADDY prices are up 55% in the past 24 hours.
DADDY is part of a growing trend of celebrity-backed tokens in the meme coin ecosystem. Unlike previous cases where celebrities were merely promoting projects, these tokens are actively issued, backed, and promoted by famous personalities, primarily on X.
In May, American media personality Caitlyn Jenner, along with rappers Iggy Azalea, Trippie Redd, Lil Pump, and Davido, launched tokens using the Solana-based Pump Fun application. However, most of these launches have seen their values drop by 90% from their highs.

Early Investors in Andrew Tate’s DADDY Meme Coin Reportedly Hold $45M in Unrealized Gains

CoinstelegramEng

Other articles published on Jun 22, 2024

Investors Withdraw $105.96 Million from Spot Bitcoin ETFs

Bitcoin Struggles Amidst Global Stock Gains: The Impact of German Government Sales

Blum Crypto: The Telegram-Powered Hybrid Exchange Shaking Up the Crypto Market

Oasis Partners with Hats for 1 Million $ROSE Ecosystem Audits

BNB’s Social Dominance Declines As Raboo Becomes A Community Favourite, Surging Past Ondo

Nigerian SEC Amends Its Digital Asset Rules

Join our free newsletter for daily crypto updates!