The celeb memecoin mania has added a brand new participant with the not too long ago launched Daddy Tate (DADDY). The token, promoted by the controversial determine Andrew Tate, has gained traction, surpassing Iggy Azalea’s MOTHER. Nevertheless, Tate is now accused of some regarding exercise for crypto traders.
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Andrew Tate Endorses DADDY
On June 11, former professional kickboxer and controversial on-line determine Andrew Tate began selling a brand new memecoin. The DADDY token was marketed because the direct competitors to Iggy Azalea’s MOTHER, essentially the most profitable celeb launch.
Earlier than he endorsed DADDY, Tate acknowledged he held zero tokens however was conscious there have been tons of of memecoins associated to his likeness. Days later, he invited standard crypto dealer Ansem to combat him in a boxing match, claiming this was “his cycle.” He additionally prompt that the loser donates $10 million to a token of the winner’s selecting.
Tate’s method obtained blended reactions from the members of the crypto group. Content material creator Jakey jokingly claimed that Crypto Twitter was the brand new YouTube. One other consumer acknowledged, “On daily basis we get additional away from god.”
On Tuesday, Tate promoted the Daddy Tate memecoin, which was additionally obtained with blended emotions and a few criticism. The promotional posts focused Azalea’s MOTHER whereas making sexist “jokes” and utilizing home violence as a punchline.
I heard a couple of coin referred to as mom so now I’m supporting a coin referred to as $DADDY to flip it for the patriarchy. We’re bringing the Gs again make me a fucking sandwich females.
Tate’s Memecoin Referred to as Out For Insider Buying and selling
On Wednesday, crypto analytics agency Bubblemaps accused the token of getting “large insider exercise.” In accordance with the agency, they discovered suspicious exercise earlier than Tate began selling DADDY.
Bubblemaps revealed that insiders allegedly purchased 30% of the token’s provide at launch. On June 9, Daddy Tate’s group despatched 40% of the entire provide to the previous kickboxer, which he promised to not promote. Moreover, he purchased $10,000 value of DADDY and burned it.
Regardless of this, the token appears to “have a catch.” Per the report, 11 wallets are holding 20% of the provision. These wallets have been based by way of Binance with “almost equivalent quantities on the similar time.” Furthermore, they purchased the tokens, value round $30 million, on June 9, earlier than the group began to advertise the token on X.
The agency claims that the timing and quantities “strongly counsel” the wallets belong to the identical group. Equally, two different clusters maintain a further 10% of the provision and appear to be linked by way of a 3rd pockets.
Bubblemaps urged traders to stay cautious because the insiders “appear to be lively on $DADDY and are attempting to cowl their tracks.” The agency warned that “certainly one of these wallets might nuke the liquidity pool.”
DADDY Surpasses MOTHER
After Tate’s publish about DADDY, the crypto group referred to as him out for his posts. Some customers prompt he returned when the token was a MOTHER’s stage. On the time, Daddy Tate had a $45 million market capitalization and was buying and selling at $0.1499.
Nonetheless, DADDY gained traction on Wednesday, surging to $0.36. In 24 hours, the token elevated by 143% to a brand new all-time excessive (ATH) and reached a $280 million market capitalization. This efficiency noticed the memecoin surpass MOTHER regardless of the controversial promotion and insider exercise allegations.
Since then, the token has retraced to the $0.24 value stage, a 32% decline within the final 12 hours. DADDY had a market cap of $240 million on the time of writing.
In the meantime, MOTHER noticed a 46% surge on Wednesday, which propelled the worth from $0.15 to $0.22. Within the following hours, the memecoin’s value declined 36% to the $0.14 vary earlier than recovering.
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As of this writing, Azalea’s token is buying and selling for $0.17 and has a market capitalization of $169 million. Regardless of retracing almost 40% since its June 5 all-time excessive, MOTHER nonetheless reveals a 1,900% enhance from its launch two weeks in the past.
Featured Picture from Unsplash.com, Chart from TradingView.com
