The celebrity memecoin mania has added a novel player in the form of recently launched Daddy Tate (DADDY). The token, promoted by controversial figure Andrew Tate, gained popularity, surpassing Iggy Azalea’s MOTHER. However, Tate is currently being accused of some disturbing activities on behalf of cryptocurrency investors.
Andrew Tate endorses DADDY
On June 11, former professional kickboxer and controversial internet figure Andrew Tate began promoting a novel memecoin. The DADDY token was advertised as direct competition to Iggy Azalea’s MOTHER, which was the most successful celebrity launch.
Before endorsing DADDY, Tate stated that he did not own any tokens, but was aware that there were hundreds of memecoins tied to his likeness. A few days later, he invited popular cryptocurrency trader Ansem to fight him in a boxing match, claiming it was “his cycle.” He also suggested that the loser donate $10 million to the winner’s token of choice.
Tate’s approach was met with mixed reactions from members of the crypto community. Content creator Jakey jokes taken over that Crypto Twitter was the novel YouTube. Another user said, “Every day we are getting further away from God.”
On Tuesday, Tate promoted Daddy Tate’s memecoin, which was also met with mixed feelings and some criticism. Promotional posts targeted Azalea’s MOTHER while making sexist “jokes” and using domestic violence as a punchline.
I have heard of a coin called mother, so now I support a coin called $DADDY to flip it for patriarchy. We’re bringing back the G, make me some fucking sandwiches.
Tate’s Memecoin Summoned for Insider Trading
On Wednesday, cryptocurrency analytics firm Bubblemaps accused evidence of “massive insider activity.” According to the company, they discovered suspicious activity before Tate began promoting DADDY.
Bubblemaps revealed that insiders allegedly bought 30% of the token’s supply at launch. On June 9, Daddy Tate’s team sent 40% of the total supply to the former kickboxer, whom he promised not to sell. Additionally, he bought a TATA worth $10,000 and burned it.
Still, the token seems to “have a catch.” According to the report, 11 wallets hold 20% of the supply. These wallets were set up through Binance with “almost identical amounts at the same time.” Moreover, they purchased approximately $30 million worth of tokens on June 9, before the team began promoting the token on the X platform.
The company says the timing and amounts “strongly suggest” the wallets are from the same group. Similarly, two other clusters hold an additional 10% of the supply and appear to be connected by a third portfolio.
Bubblemaps urged investors to exercise caution as insiders “appear to be active on $DADDY and are trying to cover their tracks.” The company warned that “one of these wallets could wipe out your liquidity pool.”
DAD TRANSCEEDS MOTHER
Following Tate’s post about DAD, the crypto community called him out on his posts. Some users suggested that it came back when the token reached the MOTHER level. At the time, Daddy Tate had a market capitalization of $45 million and was trading at $0.1499.
Nevertheless, TATA gained traction on Wednesday, rising to $0.36. Within 24 hours, the token surged 143% to a novel all-time high (ATH) and reached a market capitalization of $280 million. This performance saw memecoin outperform MOTHER despite controversial allegations regarding promotions and insider activity.
The token has since returned to a price level of $0.24, down 32% in the last 12 hours. At the time of writing, DADDY’s market capitalization was $240 million.
Meanwhile, MOTHER saw a 46% surge on Wednesday, pushing its price up from $0.15 to $0.22. In the following hours, the price of memecoin fell by 36% to the $0.14 range before recovering.
At the time of writing, the Azalea token is trading at $0.17 and has a market cap of $169 million. Despite a correction of almost 40% from its all-time high on June 5, MOTHER is still up 1,900% since its launch two weeks ago.
Featured image from Unsplash.com, chart from TradingView.com
