Most of the memecoins accepted by Andrew Tate have fallen to zero
Most memecoins backed by controversial social media personality Andrew Tate have lost 99% of their value, raising concerns of insider trading.
Tate jumped on the Solana memecoin bandwagon on June 7, approving more than 10 tokens, known as having no intrinsic value.
However, these tokens lost around 99% of their value shortly after Tate's support, according to a post by X on Bubblemaps on October 19.
“Andrew Tate first bought $GER (German token). […] Cluster accounts for 30% of the supply, and prices have dropped 99% in two months.
GER Token Collections. Source: Bubblemap
Despite the lack of utility, memecoins are known for their high price volatility, with some traders making huge profits. On October 20, a savvy crypto trader made a profit of over $9 million in three days after making a 3,000-fold return on his investment in the Solana-based Nomogram (GNON) token.
GER/SOL, 1-day, all-time chart. Source: Bubblemap
Tate is one of several celebrities — 50 Cent, Caitlyn Jenner and Iggy Azalea — who have promoted Solana-based tokens, many of which have since lost significant value.
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The Roost (ROOST) token is one of the memecoins confirmed by the former kickboxing world champion through numerous social media posts and videos featuring cryptocurrency-related merchandise.
However, the price began to fall shortly after Tate's promotional posts, according to a video investigation published by Cofizilla on October 19. In the video, Kofizilla says:
“Roost is now down over 90%. Rost's treasury wallet was hacked, so the community was literally defrauded. To make matters worse, the identity of the abducted person is unknown.
ROOST chart from Coffeezilla video. Source: YouTube
Hours after Coffizilla shared his investigation, Tate shared a Strange X post suggesting he had the ability to monopolize cryptocurrency prices.
“Having the power to randomly draw any coin on the chart is exciting.”
Andrew Tate, October 19 social post. Source: Andrew Tate
Most other cryptocurrencies backed by Tate, including Fuk Tristan (FTRISTAN), TopG (TOPG), RNT (RNT) and Daddy Tate (DADDY), have fallen more than 90%.
Tate brothers memecoin promotion. Source: Andrew Tate
The Tate Daddy memecoin fueled allegations of insider trading that were rampant in June. Yet, Tet's token surpassed Iggy Azalea's mother Iggy (mother) token in market capitalization on June 13.
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Celebrity memecoins: a net negative for crypto adoption
Beyond Tate, other notable celebrities have also launched cryptocurrencies — most of which have collapsed within weeks of launching — eroding mainstream confidence in the crypto space.
More than 30 celebrity-verified tokens launched on Solana in June have seen price drops below 73.23%.
Cryptocurrency analyst Slorg's X post describes the dismal performance of these popular coins, with most of these cryptocurrencies losing 99% of their value:
“Exactly half have shrunk over 99%, 7 others have shrunk over 90%. Mind you, this is about a month into their life.”
UFC competitor Camzat Chimaev's Smash (SMASH) token has been hit by insider allegations after it was revealed that up to 78% of the token's supply was bought by wallets linked to the team and developer.
Within the first week of launch, most celebrity-backed memecoins including Caitlyn Jenner (JENNER), Timeless Davido (DAVIDO) and Rich The Kid (RICH) tokens fell by at least 66%.
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