Andrew Tate’s Meme Coin Fuels Crypto Market Madness

Social media influencer and former professional kickboxer Andrew Tate recently sparked controversy in the crypto community. On Friday, Solana (SOL) started promoting various tokens in the ecosystem, creating a social media storm by posting inspirational statements on Twitter.

Known for his flamboyant social media presence, Tate's actions have once again sparked both positive and negative reactions.

Andrew Tate's Meme Coin Ventures Spark Chaos and Interest

The chaos began after Tate announced that he was planning to grab $1 million worth of various properties with his “diamond hands” if his post got a certain number of retweets. The term “diamond hands” is used to describe the act of holding an asset for the long term, regardless of price fluctuations, because of a strong belief in its future value.

Shortly after his post received the required number of retweets, he announced his plan to “crash Solana's network.” This statement indicates that he intends to buy more tokens in Solana, which is enough to overload the network.

Read more: 7 Hot Meme Coins and Altcoins Trending in 2024

Tate shared an address and encouraged people to send him coins. Hundreds of different coins flooded in. He burned some and promoted RNT throughout the day. Despite receiving several coins, Tate said he made “zero” money from these activities.

I have done over 100 million transactions through Solana. I have turned people into millionaires. I zeroed in. zero. I just bought coins and caught them on dust,” he wrote on his X account.

Andrew Tate's involvement in Solana has had a significant impact on the meme coin market. Real Niger Tat (RNT) traded at a strong shilling, with a market capitalization of $61.1 million.

Another coin, TOPG, has a capitalization of $38.01 million. The TOPG developer allocated 58% of its supply to Tati, who then burned it. Additionally, TATE has reached a market value of $5.8 million, reflecting the contagious popularity of these meme coins.

Following Tate's actions, Tate-related meme coins hit the market. For example, G, which is related to Tate's dog, has a capitalization of 4.5 million dollars. GRETA, inspired by Tate's relationship with Greta Thunberg, reached a market capitalization of $4.6 million, with Tate receiving 50% of the offering.

Other noteworthy coins include WARROOM, which is affiliated with the Tate's private club, hitting $3 million in market capitalization. Meanwhile, EMORY and FTRISTAN, who was linked to his father after a dispute with his brother, reached a capitalization of $2.8 million and $1.7 million respectively. RBASE also reached a market capitalization of $1.7 million.

Read more: Top 11 Solana Meme Coins to See in June 2024

Although Tate's intentions are unclear, his actions fit his history of creating controversial content. In mid-May, Tate said he spent $500,000 in Bitcoin to save hedge funds investing in GameStop ( GME ) and meme coins. This further demonstrates his ability to stir the pot in the crypto space.