Former kickboxer Andrew Tate has once more drawn consideration to Daddy Tate (DADDY), a Solana meme coin, following its itemizing on CoinMarketCap. Furthermore, the web character has continued to rally efforts for the DADDY coin’s promotion. Moreover, the notorious web movie star additionally initiated a huge $110 million burn for the DADDY crypto.
Andrew Tate & His DADDY Meme Coin Saga
In a tweet, Andrew Tate introduced, “$DADDY is dwell on [CoinMarketCap].” This follows a significant burn of DADDY cash, valued at $110.59 million, which noticed 400 million tokens faraway from circulation. Furthermore, Tate had performed a stream X house to precise his pleasure after burning the huge meme coin reserve.
Tate, who has a large social media following, has been vocal about his involvement with the DADDY coin. He has acknowledged his intent to impression the Solana community considerably. His Solana pockets contains numerous meme cash, many impressed by him, with DADDY being probably the most notable.
As well as, the DADDY coin’s market cap surged to $300 million following the burn, a formidable feat for a newly launched meme coin. As of writing, the DADDY coin worth soared 14.11% to $0.2704 on Friday, June 14, in line with CoinMarketCap information.
Tate has a historical past of comparable actions within the crypto house. He beforehand burned 567 million tokens of Prime G (TOP G), one other Solana meme coin. This burn led to a 200% rally within the coin’s worth, though it later plummeted. Therefore, netizens have cautioned that DADDY coin may comply with an identical pattern.
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Insider Buying and selling Allegations
The latest surge in Daddy Tate’s worth has not come with out controversy. Bubblemaps, a blockchain analytics avenue, has raised issues of insider buying and selling throughout the DADDY meme coin mission. In an in depth thread on June 12, Bubblemaps claimed that on the launch, insiders acquired 30% of the token provide. This amounted to over $45 million unfold throughout 21 wallets.
Additional on-chain information from Bubblemaps revealed suspicious actions on June 9. Simply earlier than the official announcement of the DADDY coin, 11 wallets funded by means of Binance purchased 20% of the DADDY provide. These wallets now maintain about 19% of the entire provide, valued at $30 million.
Bubblemaps famous, “Since they’re funded by means of Binance, we will’t 100% affirm they belong to the identical group. Nonetheless, the timing and quantities strongly recommend they do.” Moreover, Bubblemaps uncovered two extra clusters related by means of a particular pockets.
These clusters acquired 10% of the DADDY provide, equal to $16 million, earlier than Tate’s promotional actions. The agency warned that any gross sales from these wallets and Tate’s unburned tokens on the time, which account for 40% of the entire provide, might have an effect on the coin’s liquidity.
In response to those allegations, Tate remained defiant. He asserted, “I’ll by no means promote what was despatched to my pockets, I’ll solely burn and purchase. Endlessly. Diamond palms.” This assertion goals to reassure the market of his dedication to holding onto the tokens.
The DADDY coin’s speedy market cap progress and the substantial token burn are noteworthy occasions. Nonetheless, the allegations of insider buying and selling and the potential impression on liquidity stay important points to observe. Furthermore, Tate’s involvement within the DADDY coin mission highlights the affect of high-profile people within the risky crypto market.
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The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
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