Former kickboxer Andrew Tate has once more drawn consideration to Daddy Tate (DADDY), a Solana meme coin, following its itemizing on CoinMarketCap. Moreover, the web persona has continued to rally efforts for the DADDY coin’s promotion. Furthermore, the notorious web celeb additionally initiated a huge $110 million burn for the DADDY crypto.
Andrew Tate & His DADDY Meme Coin Saga
In a tweet, Andrew Tate introduced, “$DADDY is live on [CoinMarketCap].” This follows a serious burn of DADDY cash, valued at $110.59 million, which noticed 400 million tokens faraway from circulation. Moreover, Tate had performed a stream X area to precise his pleasure after burning the large meme coin reserve.
Tate, who has an enormous social media following, has been vocal about his involvement with the DADDY coin. He has said his intent to impression the Solana community considerably. His Solana pockets contains numerous meme cash, many impressed by him, with DADDY being essentially the most notable.
In addition, the DADDY coin’s market cap surged to $300 million following the burn, a powerful feat for a newly launched meme coin. As of writing, the DADDY coin value soared 14.11% to $0.2704 on Friday, June 14, based on CoinMarketCap information.
Tate has a historical past of comparable actions within the crypto area. He beforehand burned 567 million tokens of Top G (TOP G), one other Solana meme coin. This burn led to a 200% rally within the coin’s value, though it later plummeted. Hence, netizens have cautioned that DADDY coin may comply with an identical development.
Insider Trading Allegations
The current surge in Daddy Tate’s value has not come with out controversy. Bubblemaps, a blockchain analytics avenue, has raised issues of insider buying and selling throughout the DADDY meme coin challenge. In an in depth thread on June 12, Bubblemaps claimed that on the launch, insiders acquired 30% of the token provide. This amounted to over $45 million unfold throughout 21 wallets.
Further on-chain information from Bubblemaps revealed suspicious actions on June 9. Just earlier than the official announcement of the DADDY coin, 11 wallets funded by Binance purchased 20% of the DADDY provide. These wallets now maintain about 19% of the entire provide, valued at $30 million.
Bubblemaps famous, “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 extra clusters related by a particular pockets.
These clusters acquired 10% of the DADDY provide, equal to $16 million, earlier than Tate’s promotional actions. The agency warned that any gross sales from these wallets and Tate’s unburned tokens on the time, which account for 40% of the entire provide, may have an effect on the coin’s liquidity.
In response to those 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 assertion goals to reassure the market of his dedication to holding onto the tokens.
The DADDY coin’s fast market cap development and the substantial token burn are noteworthy occasions. However, the allegations of insider buying and selling and the potential impression on liquidity stay important points to look at. Moreover, Tate’s involvement within the DADDY coin challenge highlights the affect of high-profile people within the risky crypto market.
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