As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market manipulation and hype-driven investments. However, the recent events surrounding Andrew Tate and his memecoins on Solana have left me more bewildered than ever.
It’s been observed that the vast majority (most) of memecoins promoted by the contentious internet personality, Andrew Tate, have seen a 99% decrease in value, sparking worries about possible instances of insider trading.
On June 7th, Tate hopped aboard the Solana memecoin trend, backing more than ten tokens that aren’t inherently valuable, as they’re commonly recognized.
Nevertheless, the majority of these tokens experienced a significant drop in value, approximately 99%, soon following Tate’s endorsement, as mentioned in a post on October 19th by Bubblemaps.
“Andrew Tate first bought $GER (Germany Token) […] A cluster held 30% of the supply, and the price dropped 99% in two months.”
Even though they don’t offer practical value, memecoins are notorious for their drastic price swings, and some traders have made substantial profits as a result. On October 20th, an astute crypto trader raked in over $9 million in just three days, thanks to a staggering 3,000-fold return on his investment into the Solana-based Nomogram (GNON) token.
Tate joins a group of well-known personalities such as 50 Cent, Caitlyn Jenner, and Iggy Azalea, who have endorsed cryptocurrencies built on the Solana platform. Unfortunately, numerous tokens they supported have experienced substantial drops in value since their endorsement.
Bizarre Tate post admits to crypto market manipulation
In simpler terms, the ROOST token was one of several cryptocurrencies promoted by a former kickboxing champion across multiple social media platforms, featuring content that displayed merchandise associated with this digital currency.
Yet, the price took a sharp dive following Tate’s promotional content, as suggested in a video investigation released on October 19th by Coffeezilla. In this video, Coffeezilla claims:
“Roost is now down over 90%. Roost’s treasury wallet got hacked, so the community literally got scammed. And to make it worse, the guy who got hacked was anonymous.”
Following Coffeezilla’s publication of his findings, Tate posted an unusual message on X, implying that he alone possesses the power to influence the values of various cryptocurrencies.
“Having the power to randomly pump any coin on the chart is super fun.”
Almost all the cryptocurrencies backed by Tate have experienced a significant drop in value, with FTRISTAN, TOPG, RNT, and DADDY falling more than 90%.
In June, accusations about insider trading with Tate’s Daddy memecoin arose widely. However, on June 13, the value of Tate’s token surpassed that of Iggy Azalea’s Mother Iggy (MOTHER) token in terms of total market capitalization.
Celebrity memecoins: a net negative for crypto adoption
Apart from Tate, several popular figures have introduced their own cryptocurrencies as well. Unfortunately, many of these new digital currencies saw a quick decline just after their release, contributing to a general skepticism among the public regarding the reliability and stability of the crypto market.
Approximately 30 tokens backed by celebrities, which debuted on Solana in June, have experienced a drop in price of at least 73.23% since then.
A recent analysis by cryptocurrency expert Slorg showed the poor results of celebrity-backed coins, highlighting that the majority of these digital currencies have lost nearly all their worth (approximately 99%).
“Exactly half are down over 99%, with 7 others being down more than 90%. Let me remind you this is only about a month into their lifespan.”
The UFC competitor, Khamzat Chimaev’s SMASH token faced accusations of potential insider trading when it was disclosed that as much as 78% of the token’s total supply was purchased by wallets linked to the team and developers associated with the project.
During their initial week, most memecoins endorsed by celebrities like Caitlyn Jenner, Timeless Davido, and Rich The Kid have experienced a drop of at least 66%.
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2024-10-20 16:33