The superstar 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.
Associated Studying
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 superstar launch.
Earlier than he endorsed DADDY, Tate acknowledged he held zero tokens however was conscious there have been lots of of memecoins associated to his likeness. Days later, he invited in style crypto dealer Ansem to struggle 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 strategy acquired blended reactions from the members of the crypto neighborhood. Content material creator Jakey jokingly claimed that Crypto Twitter was the brand new YouTube. One other consumer acknowledged, “Daily we get additional away from god.”
On Tuesday, Tate promoted the Daddy Tate memecoin, which was additionally acquired 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 known as mom so now I’m supporting a coin known 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 “big insider exercise.” In line 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 staff despatched 40% of the whole provide to the previous kickboxer, which he promised to not promote. Moreover, he purchased $10,000 price 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 availability. These wallets have been based via Binance with “practically similar quantities on the similar time.” Furthermore, they purchased the tokens, price round $30 million, on June 9, earlier than the staff began to advertise the token on X.
The agency claims that the timing and quantities “strongly recommend” the wallets belong to the identical group. Equally, two different clusters maintain a further 10% of the availability and appear to be linked via a 3rd pockets.
Bubblemaps urged traders to stay cautious because the insiders “appear to be lively on $DADDY and try to cowl their tracks.” The agency warned that “considered one of these wallets might nuke the liquidity pool.”
DADDY Surpasses MOTHER
After Tate’s put up about DADDY, the crypto neighborhood known as him out for his posts. Some customers prompt he returned when the token was a MOTHER’s degree. 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 worth degree, 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 value from $0.15 to $0.22. Within the following hours, the memecoin’s worth declined 36% to the $0.14 vary earlier than recovering.
Associated Studying
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 practically 40% since its June 5 all-time excessive, MOTHER nonetheless displays a 1,900% enhance from its launch two weeks in the past.
Featured Picture from Unsplash.com, Chart from TradingView.com
