- Andrew Tate’s DADDY coin endorsement reflected celebrity impact on cryptocurrency markets.
- A firm flagged insider activities in DADDY and MOTHER coins.
As a researcher with experience in the cryptocurrency market, I believe that Andrew Tate’s endorsement of Daddy Tate memecoin highlights the significant impact celebrities can have on the crypto world. His involvement led to a massive surge in DADDY coin’s value, outshining Mother Iggy (MOTHER), sparked by his rivalry with Azalea. However, the sudden rise of DADDY also raises concerns regarding insider activities that were identified by Bubblemaps. The firm reported that insiders acquired 30% of the coin’s supply before Tate’s promotion and are now sitting on assets valued at over $45 million. This trend is not unique to DADDY, as MOTHER also showed significant insider activity.
As a seasoned analyst, I’ve followed the intriguing developments in the world of digital assets for quite some time. Recently, I’ve noticed an intriguing resurfacing of a familiar figure – former kickboxer and reality TV star Andrew Tate. After a prolonged absence from social media, he has made a striking comeback, this time with an innovative offering: his very own cryptocurrency. This unexpected move has generated considerable excitement among investors, leaving me intrigued to see how this latest chapter unfolds.
I took the lead in organizing a charitable giving campaign, inviting those who had benefited from my past efforts to join me in supporting worthy social causes.
DADDY coin on the rise
The genuine excitement on social media erupted once he expressed his backing for the Daddy Tate (DADDY) memecoin, which runs on the Solana (SOL) blockchain.
As an analyst, I’ve developed a fresh fascination with the world of cryptocurrencies, particularly after Australian rapper Iggy Azalea entered this space. She recently introduced her own Solana-backed memecoin, affectionately named Mother Iggy [MOTHER].
Taking to X (formerly Twitter), Tate remarked,
As a researcher exploring the cryptocurrency landscape, I recently came across a reference to a digital currency named “Mother Coin.” Intrigued, I’ve decided to investigate another coin that has piqued my interest: Daddy Coin. I’m curious to see how these two coins compare and contrast in their functionality and impact within the decentralized finance ecosystem.
DADDY outshines MOTHER
Tate’s role in the DADDY memecoin project is becoming a significant counterpart to Azalea’s involvement with the MOTHER token. While Tate maintains that he won’t gain financially from the memecoin, Azalea has adopted a more monetarily focused strategy for her coin.
As an analyst, I’ve observed a significant boom in the value of DADDY coin following Tate’s promotion of Daddy Tate. According to DEXScreener, this surge has resulted in a remarkable increase of approximately 209% within the past 24 hours.
As a researcher examining the data, I’ve observed that while CoinMarketCap has undergone a more substantial growth, MOTHER has experienced a more moderate expansion, amounting to a 3.98% increase over the same time frame.
Insider activity suspected
During the robust growth of DADDY, Bubblemaps, a blockchain analysis company, has uncovered questionable insider transactions linked to its launch.
Based on the research, it’s claimed that insiders obtained approximately three out of every ten coins before Tate was promoted. The value of these early-held assets is currently estimated to be more than $45 million.
Taking to X, Bubblemaps noted,
The tale doesn’t conclude with Tate’s denial of selling tokens or Bubblemaps’ confirmation. However, some other suspicious transactions have surfaced.
On the ninth of June, before DaddyTateCTO’s initial tweet, eleven wallets, all containing similar amounts of BNB from Binance, made purchases equating to 20% of DADDY’s supply. According to Bubblemaps’ records.
As a crypto investor, I want to emphasize that it’s crucial to acknowledge that insider trading isn’t an issue exclusive to DADDY. In fact, MOTHER has also raised some red flags with substantial insider activity. On the 29th of May, one insider disposed of approximately 10% of the coin’s entire supply.
Observing this rising trend of insider activity, Bubblemaps issued a word of caution, and stated,
As a seasoned crypto investor, I’ve noticed an increasing trend of celebrities entering the blockchain space with their own branded tokens. However, it’s essential to keep in mind that the majority of these projects may ultimately prove worthless. Furthermore, they can be susceptible to insider trading issues. So, always do your due diligence before making any investment decisions.
Solana memecoins causing trouble?
To put it another way, an important point to consider is this: Are memcoins drawing too much attention away from more established cryptocurrencies, such as Solana?
As the prices of these two meme coins rose significantly in their daily graphs, Solana (SOL) faced challenges in breaking past its resistance point at $159.86.
As a researcher studying market trends, I observed that the RSI, or Relative Strength Index, continued to hover below the neutral threshold, indicating a bearish outlook.
Surprisingly, even with the introduction of several Solana-backed meme tokens aiming to invigorate the ecosystem, the growth in new Solana addresses has actually decreased.
Based on information from The Block, there was a significant decrease in the number of new addresses on the Solana network. In May, there were approximately 26.65 million new addresses, but this figure dropped to around 11.09 million in June.
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2024-06-13 15:04