Blockchain analytics platform Bubblemaps has levied allegations of serious insider buying and selling exercise within the memecoin tasks just lately promoted by Andrew Tate and Iggy Azalea.
Regardless of the proof of wallets buying important quantities of the tokens throughout and earlier than their respective launches, there is no such thing as a proof linking them to Tate or Azalea.
The allegations, shared by tweet threads, have drawn appreciable consideration inside the crypto neighborhood. Some have denounced the alleged insider buying and selling, whereas others have mentioned there is no such thing as a such factor as a good launch in memecoins and such occurrences are par for the course.
Andrew Tate and $DADDY Coin
Nevertheless, Bubblemaps alleged in a June 12 thread that insiders bought 30% of the $DADDY coin provide at launch, accumulating over $45 million throughout 21 wallets.
On June 9, a transaction transferred 40% of the $DADDY provide to Tate’s pockets earlier than he started selling the coin on social media. Tate publicly acknowledged he wouldn’t promote any tokens and continues to carry them.
Nevertheless, on-chain information exhibits that a number of wallets bought roughly 20% of the provision earlier than the venture was introduced. In accordance with Bubblemaps:
Bubblemaps wrote:
“11 wallets, funded by Binance with almost similar quantities on the similar time, purchased 20% of $DADDY on June ninth, earlier than @DaddyTateCTO’s first tweet.”
These wallets now maintain about 19% of the whole provide, valued at $30 million. The agency added that any important sale from these wallets might affect the coin’s liquidity.
The agency additionally alleged that the wallets have been linked and probably belong to the “similar group.” Bubblemaps wrote:
“Since they [the wallets] are funded by Binance, we are able to’t 100% verify they belong to the identical group. Nevertheless, the timing and quantities strongly counsel they do.”
Moreover, two different clusters, linked by a particular pockets, purchased 10% of the provision earlier than Tate’s promotional actions. These clusters at the moment maintain tokens value $16 million.
Bubblemaps mentioned that Tate has not bought his tokens, however the 40% of the whole provide he holds — valued at $64 million — stays unburned and will have an effect on the market if bought.
It is very important observe that whereas these wallets present suspicious exercise, there is no such thing as a concrete proof straight linking the addresses to Tate or his associates. These findings stay allegations based mostly on transactional patterns.
Tate has responded to the allegations on social media and reaffirmed that he has no intention to promote the tokens despatched to him. He additional acknowledged that he would solely burn the tokens, writing:
“I’ll by no means promote what was despatched to my pockets, I’ll solely burn and purchase. Eternally. Diamond palms.”
Iggy Azalea and $MOTHER Coin
Bubblemaps additionally levied allegations of insider buying and selling within the $MOTHER coin on the finish of Could, which was promoted by rapper and mannequin Iggy Azalea.
In accordance with the agency, insiders allegedly purchased 20% of the $MOTHER provide at launch and have since bought $2 million value of tokens.
The investigation recognized a key pockets, which bought 109 trillion $MOTHER tokens earlier than distributing them throughout seven wallets. Most of those tokens have been bought, realizing a revenue of $1.4 million. The remaining tokens are valued at roughly $400,000 as of press time.
Moreover, the pockets transferred funds to different worthwhile wallets, which collectively earned about $800,000 by promoting roughly 8% of the token’s provide.
Much like the $DADDY coin case, there is no such thing as a concrete proof linking these addresses on to Azalea or her associates. These findings are allegations in opposition to wallets belonging to unknown entities based mostly on the noticed transactional patterns.