Andrew Tate’s recently launched DADDY memecoin is currently trading for $0.3328. Tate’s first tweet promoting the coin was on June 11 and was launched on Solana, a popular platform for memecoins. Its market cap, according to Dex Screener, is currently $333 million after the coin has gained 238% in the previous 24 hours despite heavy allegations of insider trading.
Experts Accuse Tate of Insider Trading
The social media personality and self-proclaimed misogynist influencer vowed not to sell any of his tokens. He claims to have held 40% of the total supply at the time of writing, and so far, he seems to have kept his promise. However, there’s a twist.
According to a post by blockchain investigator Bubblemaps, 11 wallets, all funded with nearly identical amounts through Binance simultaneously, acquired 20% of DADDY on June 9.
Bubblemaps claims that they can’t confirm the wallets were part of a single group because they were funded through Binance, but the amounts and timing strongly suggest they are.
The wallets currently hold 19% of the total supply, corresponding to a market value of $63 million at the above price. It’s enough for one wallet to sell for all the liquidity to crash. The wallet “4SfQWh” connects two other clusters, which hold a tenth of the total supply. Both purchased DADDY before Andrew Tate’s first tweet, and the holdings are currently worth $33 million.
The blockchain sleuths put forth strong suspicions that insiders are trying to cover their tracks. Meanwhile, Andrew Tate hasn’t burned any of his 40%, which means he could start selling at any time. His share of the Daddy Tate ($DADDY) tokens is currently worth $133 million.
Background details
Tate garnered attention after announcing he planned to invest $1 million in Solana meme coins. This new meme coin came at a time when there was an influx of celebrity meme coins, which many have called a pump-and-dump scheme. In an X post on March 18, he claimed he made $85 million on Pancake’s last DeFi bull run.
Tate has been charged in Romania with human trafficking, rape, and forming a criminal gang to exploit women sexually. An extradition request from British authorities is pending. His recent investment announcement and DADDY memecoin project could be a distraction from these legal issues. Exercise extreme caution if you decide to trade this memecoin.
