Controversial social media personality Andrew Tate’s promoted cryptocurrency, Daddy Tate (DADDY), has surpassed the market cap of rapper Iggy Azalea’s Mother Iggy (MOTHER) token. This comes despite accusations of significant insider trading surrounding DADDY’s launch.
DADDY, a memecoin built on the Solana blockchain, has seen a meteoric rise since Tate began promoting it in mid-June. It currently boasts a market capitalization of $300 million, trading at $0.30, a staggering 218% increase in just 24 hours (according to DEX Screener).
Meanwhile, Azalea’s MOTHER token has experienced a downturn. Its market cap has nearly halved from its peak of $267.58 million, settling around $153 million. Its price has also dipped from a high of $0.27 to $0.15, though it did see a modest 7% gain in the last day.
However, DADDY’s success story is clouded by allegations of insider trading. Crypto analytics firm Bubblemaps raised concerns, claiming to have uncovered “huge insider activity” surrounding the token. Their report suggests that a group of investors purchased a significant portion (30%) of DADDY’s supply on June 9th, before Tate’s initial promotion. This pre-purchase, now valued at roughly $61.4 million, raises questions about potential manipulation.
Bubblemaps further warns about the token’s concentrated ownership. They identified a group holding 20% of the supply, acquired before Tate’s involvement, and another group potentially linked to it with an additional 10% stake. This heavy concentration, according to the firm, could lead to a liquidity crash if these wallets decide to sell.
Tate, for his part, has denied any wrongdoing. He claims he has no intention of selling his 40% share (valued at $122.8 million) and intends to “only burn and buy” the tokens.
Also Read: Iggy Azalea’s MOTHERlode: Meme Coin Up 30% As Rapper Revamps Telecom Biz
Interestingly, Bubblemaps reported similar insider activity with Azalea’s MOTHER token, where 20% was allegedly bought before her promotion.
The battle of the memecoins between Tate and Azalea highlights the inherent risks and potential for manipulation within the cryptocurrency space. While DADDY enjoys a temporary lead, the shadow of insider trading allegations looms large. Only time will tell if the token can maintain its momentum or succumb to the pressures of a potentially compromised launch.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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