Controversial web persona and cryptocurrency fanatic Andrew Tate has made waves together with his latest statements on Solana (SOL) and the broader crypto market. On his social media platform X (previously Twitter), Tate commented on Solana’s latest value decline, suggesting that it may eradicate weaker tasks.
Andrew Tate On Solana Downturn
At the time of writing, the SOL price slipped by 3.34% to $$137.17 on Tuesday, June 18. Whilst, the crypto boasted a market valuation of $63.71 billion. Moreover, within the final seven days, Solana has misplaced over 11% in worth, plunging from $160 to the present lows.
Andrew Tate believes that the Solana dip permits weaker tasks to fall away and stronger. “Amazing downturn in Solana to let a bunch of projects die and the real ones bounce back to new ATH,” Tate wrote. Hence, he hinted at a selective survival throughout the ecosystem.
The implication is that the downturn will in the end be useful. Furthermore, Tate famous that the downturn will streamline the market by eradicating underperforming or fraudulent tasks. In addition, Tate expects tasks with actual potential to thrive, hitting an all-time excessive (ATH).
Among the “real” tasks Tate alludes to is the DADDY meme coin, which he has constantly endorsed. Moreover, in a dramatic and daring transfer, Tate introduced that he’ll publicly buy and burn $1 million value of DADDY tokens on an X dwell stream.
The burn will likely be initiated if the meme coin reaches a market capitalization of $300 million throughout the subsequent 10 days. This announcement is seen as a strategic effort to spice up investor confidence and drive up the token’s worth.
Also Read: Top Performing Meme coins in This Crypto Market Crash
Is DADDY A ‘Real’ Crypto Project?
The DADDY coin is impressed by Tate’s on-line persona and branding. The crypto is one among many Solana meme cash which have gained reputation within the risky market. Tate’s endorsement and his high-stakes promise have generated vital buzz throughout the crypto group.
However, whether or not Tate’s DADDY coin challenge is “real” remains to be unsure. The meme coin challenge is accused of being topic to heavy insider buying and selling with Tate as the primary suspect. Last week, Bubblemaps, an on-chain information monitoring platform, revealed that insiders maintain a whopping 40% of the entire DADDY token provide.
They suspected Tate to carry a significant share as properly. Subsequently, Tate burned a staggering $110 million value of DADDY coin. This burn propelled the value larger albeit momentarily. Moreover, responding to the allegations, Tate affirmed that he would by no means promote his DADDY reserve however will “buy and burn” endlessly.
Also Read: Investors Are Rushing To Buy This Meme Coin Prior To the Mike Tyson vs. Jake Paul Fight: Here’s Why
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