- Andrew Tate’s DADDY coin endorsement mirrored superstar affect on cryptocurrency markets.
- A agency flagged insider actions in DADDY and MOTHER cash.
After practically a yr of social media silence, former kickboxer and actuality tv star Andrew Tate re-emerged on-line together with his personal cryptocurrency, driving buzz amongst buyers.
He initiated a donation drive, encouraging those that have profited from his promotions to contribute to social causes.
DADDY coin on the rise
Nevertheless, the true buzz on social media started when he introduced his assist for the Solana [SOL]-based Daddy Tate [DADDY] memecoin.
His new curiosity was sparked by Australian rapper Iggy Azalea, who not too long ago launched her personal Solana-based memecoin, Mom Iggy [MOTHER].
Taking to X (previously Twitter), Tate remarked,
“I heard a few coin referred to as mom so now I’m supporting a coin referred to as $DADDY to flip it for the patriarchy.”
DADDY outshines MOTHER
Tate’s involvement with the DADDY memecoin has emerged as a rival to Azalea’s MOTHER. Whereas Tate insists that he is not going to revenue from the memecoin, Azalea has taken a extra monetary strategy along with her token.
Tate’s promotion of Daddy Tate has resulted in a large surge for the DADDY coin, which has risen by 209% prior to now 24 hours, in accordance with DEXScreener.
In distinction, MOTHER has skilled a modest improve of solely 3.98% over the identical interval as per CoinMarketCap.
Insider exercise suspected
Amidst the bullish surge of DADDY, blockchain analytics agency Bubblemaps has recognized suspicious insider actions associated to its launch.
In keeping with their findings, insiders allegedly acquired 30% of the coin’s provide previous to Tate’s promotion. These early holders at the moment are reportedly sitting on belongings valued at over $45 million.
Taking to X, Bubblemaps famous,
Supply: Bubblemaps/X
Effectively, the story doesn’t finish there. Whereas Tate claimed he hadn’t bought any tokens, which Bubblemaps additionally verified, different questionable transactions have come to mild.
Bubblemaps reported that 11 wallets, every funded with practically an identical quantities from Binance [BNB] on the identical time, bought 20% of DADDY on the ninth of June, previous to DaddyTateCTO’s first tweet.
It’s necessary to notice that DADDY isn’t the one coin caught up in insider actions. Lately, MOTHER additionally confirmed vital insider exercise, with one insider promoting about 10% of the coin’s whole provide on the twenty ninth of Might.
Observing this rising development of insider exercise, Bubblemaps issued a word of caution, and acknowledged,
“Extra superstar tokens will come, however keep in mind that most of them find yourself nugatory and are sometimes affected by insider buying and selling.”
Solana memecoins inflicting hassle?
In conclusion, an important query arises: Is the memecoin frenzy overshadowing established cryptocurrencies like Solana?
Whereas these two memecoins surged of their every day charts, SOL struggled to surpass its resistance stage at $159.86.
The bearish sentiment was additional confirmed by the Relative Energy Index (RSI), which remained under the impartial stage.
Supply: TradingView
Actually, regardless of the launch of quite a few Solana-based memecoins, which have been anticipated to spice up the SOL community, the variety of new addresses has declined.
In keeping with information from The Block, new addresses on the Solana community dropped from 26.65 million in Might to 11.09 million in June.
Supply: The Block