Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations
13 Junho 2024 - 4:00PM
NEWSBTC
The celebrity memecoin mania has added a new player with the
recently launched Daddy Tate (DADDY). The token, promoted by the
controversial figure Andrew Tate, has gained traction, surpassing
Iggy Azalea’s MOTHER. However, Tate is now accused of some
concerning activity for crypto investors. Related Reading:
Dogwifhat To Tumble? Analyst Sets $1 Target For WIF Andrew Tate
Endorses DADDY On June 11, former pro kickboxer and controversial
online figure Andrew Tate started promoting a new memecoin. The
DADDY token was marketed as the direct competition to Iggy Azalea’s
MOTHER, the most successful celebrity launch. Before he endorsed
DADDY, Tate stated he held zero tokens but was aware there were
hundreds of memecoins related to his likeness. Days later, he
invited popular crypto trader Ansem to fight him in a boxing match,
claiming this was “his cycle.” He also suggested that the loser
donates $10 million to a token of the winner’s choosing. Tate’s
approach received mixed reactions from the members of the crypto
community. Content creator Jakey jokingly claimed that Crypto
Twitter was the new YouTube. Another user stated, “Every day we get
further away from god.” On Tuesday, Tate promoted the Daddy Tate
memecoin, which was also received with mixed feelings and some
criticism. The promotional posts targeted Azalea’s MOTHER while
making sexist “jokes” and using domestic violence as a punchline. I
heard about a coin called mother so now I’m supporting a coin
called $DADDY to flip it for the patriarchy. We’re bringing the Gs
back make me a fucking sandwich females. Tate’s Memecoin Called Out
For Insider Trading On Wednesday, crypto analytics firm Bubblemaps
accused the token of having “huge insider activity.” According to
the firm, they found suspicious activity before Tate started
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, which he
promised not to sell. Additionally, he bought $10,000 worth of
DADDY and burned it. Despite this, the token seems to “have a
catch.” Per the report, 11 wallets are holding 20% of the supply.
These wallets were founded through Binance with “nearly identical
amounts at the same time.” Moreover, they bought the tokens, worth
around $30 million, on June 9, before the team started to promote
the token on X. The firm claims that the timing and amounts
“strongly suggest” the wallets belong to the same group. Similarly,
two other clusters hold an additional 10% of the supply and seem to
be linked through a third wallet. Bubblemaps urged investors to
remain cautious as the insiders “seem to be active on $DADDY and
are trying to cover their tracks.” The firm warned that “one of
these wallets could nuke the liquidity pool.” DADDY Surpasses
MOTHER After Tate’s post about DADDY, the crypto community called
him out for his posts. Some users suggested he returned when the
token was a MOTHER’s level. At the time, Daddy Tate had a $45
million market capitalization and was trading at $0.1499.
Nonetheless, DADDY gained traction on Wednesday, surging to $0.36.
In 24 hours, the token increased by 143% to a new all-time high
(ATH) and reached a $280 million market capitalization. This
performance saw the memecoin surpass MOTHER despite the
controversial promotion and insider activity allegations. Since
then, the token has retraced to the $0.24 price level, a 32%
decline in the last 12 hours. DADDY had a market cap of $240
million at the time of writing. Meanwhile, MOTHER saw a 46% surge
on Wednesday, which propelled the price from $0.15 to $0.22. In the
following hours, the memecoin’s price declined 36% to the $0.14
range before recovering. Related Reading: FET, OCEAN, And AGIX Drop
8% After ASI Token Merger Delay As of this writing, Azalea’s token
is trading for $0.17 and has a market capitalization of $169
million. Despite retracing nearly 40% since its June 5 all-time
high, MOTHER still exhibits a 1,900% increase from its launch two
weeks ago. Featured Image from Unsplash.com, Chart from
TradingView.com
TRON (COIN:TRXUSD)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
TRON (COIN:TRXUSD)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024