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.
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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…
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