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A popular crypto token promoted by social media figure Andrew Tate has surpassed the token launched by rapper Iggy Azalea despite significant insider trading allegations. The Solana memecoin project Daddy Tate (DADDY), which the former professional kickboxer has promoted on X since June 11, reached a market value of $300 million and is currently trading at $0.30, up 218% according to DEX.
Notable Allegations for Popular Memecoin
Meanwhile, Azalea’s Mother Iggy (MOTHER) token’s market value has dropped nearly by half from its peak of $267.58 million on June 6 to $153 million. Data shows that the token price has also fallen from its high of $0.27 on June 6 and was trading at $0.15 with an increase of over 7% in the last day.
Daddy Tate sparked controversy when an analysis firm claimed suspicious insider activities related to the token. Crypto analysis firm Bubblemaps stated in a June 12 X post that they found significant insider activity in the token promoted by Tate:
“Insiders purchased 30% of the supply during the launch before Andrew Tate started promoting it on X.”
Tate’s first X post was on June 9, and it is claimed that 11 wallets purchased 20% of the DADDY token supply, now worth approximately $61.4 million. All were funded almost simultaneously in nearly identical amounts via Binance. Bubblemaps could not confirm if they belonged to the same group but noted that the timing and amounts strongly suggested so.
Details on the Issue
The firm, which has a small wallet concentration holding one-fifth of the token supply, warned that a wallet sale could crash liquidity. It reported that more wallets linked to the group held 10% of the token supply or approximately $30 million, purchased before Tate’s first post.
Bubblemaps stated that Tate has not touched 40% of the token supply he currently holds and could start selling at any moment. This stake is worth approximately $122.8 million. In response to Bubblemaps’ claim, Tate announced that he would never sell what was sent to his wallet and would only burn and buy.
The analysis firm found similar activity in MOTHER last month, stating that insiders purchased 20% of the supply during the launch before Azalea’s first post about the token.
