The movie star meme coin craze has added a brand new participant, the lately launched Daddy Tate (DADDY). The coin, promoted by controversial determine Andrew Tate, has gained traction past that of Iggy Azalea’s mom. Nevertheless, Tate is now accused of partaking in quite a few actions associated to cryptocurrency traders.
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Andrew Tate helps dad
On June 11, former skilled kickboxer and controversial web persona Andrew Tate started selling a brand new meme coin. The DADDY token is promoted as being in direct competitors with Iggy Azalea’s MOTHER, essentially the most profitable movie star providing.
Earlier than endorsing DADDY, Tate mentioned he held zero cash however was conscious of tons of of meme cash related together with his likeness. Days later, he invited common cryptocurrency dealer Ansem to a boxing match with him, claiming it was “his cycle.” He additionally urged that the loser donate $10 million in tokens of the winner’s alternative.
Tate’s strategy acquired blended reactions from members of the cryptocurrency neighborhood. Content material creator Jakey jokingly claims that Crypto Twitter is the brand new YouTube. One other consumer mentioned, “We’re getting additional and additional away from God day by day.”
On Tuesday, Tate launched the “Tate Dad Meme Coin” to blended feelings and a few criticism. The promotional posts focused Azalea’s mom whereas making sexist “jokes” and poking enjoyable at home violence.
I’ve heard of a coin known as “Mom” so now I am supporting a coin known as “$DADDY” and flipping it for the patriarchy. We’re gonna deliver G again and make me a rattling sandwich girl.
Tate’s Memecoin calls out for insider buying and selling
On Wednesday, cryptocurrency analytics agency Bubblemaps accused the token of “big insider exercise.” In line with the corporate, they found the suspicious exercise earlier than Tate started selling DADDY.
Bubblemaps revealed that insiders allegedly bought 30% of the token’s provide at launch. On June 9, Tate’s crew despatched 40% of the entire provide to the previous kickboxer and promised to not promote it. Moreover, he bought $10,000 value of DADDY and burned it.
Nonetheless, the coin seems to “have a catch.” In line with the report, 11 wallets maintain 20% of the availability. The wallets have been created by way of Binance and “held virtually the identical quantity on the similar time.” Moreover, they bought roughly $30 million value of tokens on June 9, after which the crew started selling the token on X.
The corporate claims that the timing and quantities “strongly recommend” the wallets are a part of the identical group. Likewise, two different clusters maintain a further 10% of the availability and look like linked by way of a 3rd pockets.
Bubblemaps urges traders to be cautious as insiders “look like lively on $DADDY and attempting to cowl their tracks.” The corporate warned that “one of many wallets might disrupt the liquidity pool.”
Dad surpasses Mother
After Tate posted about DADDY, the cryptocurrency neighborhood known as him out and criticized him for his posts. Some customers urged that he return when the token reaches the MOTHER stage. On the time, Daddy Tate had a market capitalization of $45 million and was buying and selling at $0.1499.
Nonetheless, DADDY was nonetheless within the highlight on Wednesday, surging to $0.36. In 24 hours, the token rose 143%, hitting an all-time excessive (ATH), with a market capitalization of $280 million. Regardless of controversial promotions and accusations of inside exercise, memecoin outperforms MOTHER.
The coin has since fallen again to $0.24, down 32% prior to now 12 hours. As of this writing, DADDY has a market capitalization of $240 million.
In the meantime, MOTHER surged 46% on Wednesday, with the value rising from $0.15 to $0.22. Over the following few hours, memecoin’s value dropped by 36% to $0.14 earlier than recovering.
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As of this writing, Azalea’s token is buying and selling at $0.17, with a market capitalization of $169 million. Though it has retreated almost 40% since its all-time excessive on June 5, MOTHER remains to be up 1,900% from its launch two weeks in the past.
Featured picture from Unsplash.com, chart from TradingView.com
