The memecoin celebrity obsession has added a new player with the recently launched Daddy Tate (DADDY). The token, promoted by controversial figure Andrew Tate, has gained traction, overtaking Iggy Azalea's mother. However, Tate is now accused of some troubling activities for cryptocurrency investors.
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On June 11, Andrew Tate, a former professional kickboxer and controversial online personality, began promoting a new memecoin. The DADDY symbol was marketed as a direct competitor to Iggy Azalea's MOTHER, the most successful celebrity launch.
Before endorsing DADDY, Tate stated that he did not have any tokens but knew that there were hundreds of memes associated with his likeness. Days later, the famous cryptocurrency trader invited Ansem to fight him in a boxing match, claiming that it was his “tour.” He also suggested that the loser donate $10 million as a token of the winner's choice.
Tate's approach has received mixed reactions from members of the cryptocurrency community. creator Jackie joked claimed That Crypto Twitter was the new YouTube. Another user said: “Every day we move further away from God.”
On Tuesday, Tate promoted the Daddy Tate memecoin, which was also met with mixed feelings and some criticism. Promotional posts Targeted Azalea's mother while making sexist “jokes” and using domestic violence as rhetoric.
I've heard of a coin called “mother”, so now I'm backing a coin called $DADDY to flip it in favor of the patriarchy. We're bringing back the Gs, make me a silly sandwich, girls.
Tate's Memecoin Summons for Insider Trading
On Wednesday, cryptocurrency analytics firm Bubblemaps Accused Symbol of “massive internal activity”. According to the company, they found suspicious activity before Tate began promoting DADDY.
Bubblemaps revealed that insiders bought 30% of the token's supply at launch. On June 9, Daddy Tate's team sent 40% of the total offer to the former kickboxer, who promised not to sell him. Additionally, he bought $10,000 worth of DADDY and burned it.
However, it appears that the token “has an advantage.” According to the report, 11 portfolios hold 20% of the supply. These wallets were created through Binance with “almost identical amounts at the same time.” Furthermore, they purchased tokens worth around $30 million on June 9, before the team started promoting the token on X.
The company claims that the timing and amounts “strongly suggest” that the wallets belong to the same group. Likewise, two other groups own an additional 10% of the supply and appear to be connected through a third wallet.
Bubblemaps urged investors to be cautious as insiders appear to be “active on $DADDY and trying to cover their tracks.” “One of these wallets could destroy the liquidity pool,” the company warned.
The father is superior to the mother
After Tate's post about DADDY, the cryptocurrency community called him out for his posts. Some users suggested that it came back when the token was at the mother level. At the time, Daddy Tate had a market cap of $45 million and was trading at $0.1499.
However, Daddy won popularity On Wednesday, it rose to $0.36. Within 24 hours, the token rose 143% to a new all-time high (ATH) and reached a market cap of $280 million. This performance saw memecoin overtake MOTHER despite controversial promotion claims and internal activity.
Since then, the coin has fallen to the $0.24 price level, a 32% decline over the past 12 hours. DADDY had a market cap of $240 million at the time of writing.
Meanwhile, MOTHER saw a 46% surge on Wednesday, pushing the price from $0.15 to $0.22. In the following hours, the price of memecoin fell by 36% to the $0.14 range before recovering.
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As of this writing, the Azalea token is trading for $0.17 and has a market cap of $169 million. Despite falling nearly 40% since its all-time high on June 5, the MOTHER Index still shows a 1,900% increase since its launch two weeks ago.
Featured image from Unsplash.com, chart from TradingView.com