Andrew Tate pretends to be more than a mother among the activities of the insider
A crypto token introduced by controversial social media personality Andrew Tate has outpaced the token launched despite allegations of insider trading by rapper Iggy Azalea.
Daddy Tate (DADDY), the Solana memecoin that the former pro kickboxer introduced on X at least since June 11, has hit a market capitalization of $300 million and is currently trading at $0.30, up 218% since the last day, according to DEX. Screener.
The market capitalization of Azalea's mother Iggy (Mother), meanwhile, has nearly halved to $153 million from a June 6 peak of $267.58 million. The price has fallen from a high of $0.27 on June 6 and is trading at $0.15 — up more than 7% in the last day, data show.
Daddy Tat didn't come without controversy, an analyst firm said, citing suspicious insider activity related to the token.
“Major insider movement” on Tate token.
Crypto analytics firm Bubblemaps called T's promoted token “getting massive insider activity” in a June 12 post.
“Before Andrew Tate started promoting on X, insiders bought 30% of the supply,” he said.
11 wallets bought the DADDY token offering 20% before Tate's first X post on June 9th, which is now worth around $61.4 million. They are all backed “in the same amount at the same time” via Binance.
Bubblemaps added that it could not confirm whether they belonged to the same group, but “the timing and size strongly suggest that they do.”
With a small inventory of wallets holding about one-fifth of the token's supply, the firm warned that “selling a single wallet could affect liquidity.”
RELATED: Most Celebrity Tokens Down 66%+ Since Jenner's Amazing Crypto Debut
Additional wallets linked to the group reported holding a 10%, or $30 million, supply of the token, which was purchased prior to Tate's initial post.
Tate has not touched the 40% of its current token supply and “could start selling at any time,” Bubblemaps said. A stake worth about $122.8 million.
In response to the Bubblemaps lawsuit, Tate posted, “I never sell what's sent to my wallet, I burn it.”
The analytics firm said it spotted similar activity on Mother last month, and insiders said Azalea bought 20% of the offering before the initial announcement about the token.
Magazine: Caitlyn Jenner Meme Coin ‘Master Men' Celebrity Price List Released
