A controversial social media personality, Andrew Tate, has seen his crypto token, Daddy Tate (DADDY), outperform rapper Iggy Azalea’s token, Mother Iggy (MOTHER), despite allegations of insider trading activities.
DADDY, a Solana-based memecoin that Tate has been promoting since June 11, has reached a market capitalization of $300 million and is currently trading at $0.30, marking a 218% increase in the last 24 hours, according to DEX Screener. On the other hand, MOTHER’s market cap has dropped from its peak of $267.58 million on June 6 to around $153 million, with its price falling from $0.27 to $0.15.
In the past day, DADDY’s value has surged from 10 cents to over 30 cents. Despite its success, Daddy Tate’s token has been surrounded by controversy, with analytics firm Bubblemaps raising concerns about insider trading activities related to the token.
Bubblemaps highlighted significant insider activity in Tate’s promoted token, with 11 wallets purchasing 20% of the DADDY token supply on June 9 before Tate’s promotion. This amount is now valued at $61.4 million, with all wallets funded through Binance and showing similar transaction patterns. The firm warned that the concentration of token supply in a few wallets could lead to a crash in liquidity if one wallet decided to sell.
Furthermore, Bubblemaps reported additional wallets linked to the insider group holding 10% of the token supply, valued at $30 million, which was also purchased before Tate’s promotion. The firm also expressed concerns that Tate, who currently holds 40% of the token supply, could start selling at any moment, potentially impacting the token’s value by $122.8 million.
In response to Bubblemaps’ allegations, Tate stated that he would not sell any tokens in his wallet, only burn and buy. Previously, Bubblemaps had identified similar insider trading activities in MOTHER, where 20% of the token supply was bought by insiders before Azalea’s promotion of the token.