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Former kickboxer and internet celebrity Andrew Tate caused a stir in the cryptocurrency world by burning a large amount of tokens in the Solana (SOL) ecosystem. Tate announced in a series of tweets that he had burned $11 million worth of the new Solana memecoin TOP G by sending the tokens to the SOL Incinerator. This bold move led to a dramatic 130% increase in the altcoin’s price, raising its market value to over $65 million.
Project Praises Tate’s Move
The official X account of the Top G memecoin praised Tate’s move for burning 58% of the coin’s supply, leaving only 37% in circulation. This significant reduction in supply was depicted as a strategic move by Tate to increase the altcoin’s value. The account celebrated the decision with the phrase “Now we’re cooking,” indicating the positive impact of the substantial supply reduction.
Tate’s actions for the altcoin were not limited to burning tokens. He continued to provoke the cryptocurrency world by claiming he could “crash Solana.” In subsequent tweets, he suggested that the Top G coin would be a catalyst to “burn everything,” discussing its destructive potential. His provocative language and bold claims quickly went viral, sparking debates in the cryptocurrency world.
“I Will Crash the Solana Network”
In one of his particularly provocative tweets, Tate said, “I WILL CRASH THE SOLANA NETWORK” and “WATCH WHAT I CAN DO. TOP G WILL BURN THEM ALL.” These statements fueled the controversy, encouraging his followers to send him tokens, leading to a significant influx of tokens. After burning the tokens, Tate added that despite his significant trading history on Solana, he did not make any personal profit.
The former kickboxer claimed to have made people millionaires through his actions but emphasized that he did not personally profit from the recent token burn. He later corrected himself, admitting that he lost $11 million by burning the tokens and described this action as a demonstration of his power and influence in the cryptocurrency world.
In another provocative tweet, Tate said, “I feel rich and reckless. 2k RTs and I will invest over $1 million in random things today.” This tweet received over 5700 retweets, resulting in Tate purchasing $100,000 worth of GameStop (GME) shares. Tate continued to challenge the community by promising more investments if retweet milestones were reached.
The reaction to Tate’s actions elicited various comments within the cryptocurrency world. Some saw him as a reckless influencer, while others viewed him as a strategic player using his influence to impact the market. Nonetheless, his ability to create significant waves in the cryptocurrency world is undeniable.
The immediate impact of Tate’s actions led to a 135% increase in the price of the Top G coin, raising the value of the burned tokens to $38.77 million. This price surge was directly linked to the massive token burn that effectively removed a large portion of the altcoin from the market.
