- Andrew Tate’s DADDY coin endorsement mirrored movie star affect on cryptocurrency markets.
- A agency flagged insider actions in DADDY and MOTHER cash.
After almost a 12 months of social media silence, former kickboxer and actuality tv star Andrew Tate re-emerged on-line along with his personal cryptocurrency, driving buzz amongst traders.
He initiated a donation drive, encouraging those that have profited from his promotions to contribute to social causes.
DADDY coin on the rise
Nonetheless, the true buzz on social media started when he introduced his assist for the Solana [SOL]-based Daddy Tate [DADDY] memecoin.
His new curiosity was sparked by Australian rapper Iggy Azalea, who lately launched her personal Solana-based memecoin, Mom Iggy [MOTHER].
Taking to X (previously Twitter), Tate remarked,
“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.”
DADDY outshines MOTHER
Tate’s involvement with the DADDY memecoin has emerged as a rival to Azalea’s MOTHER. Whereas Tate insists that he won’t revenue from the memecoin, Azalea has taken a extra monetary strategy along with her token.
Tate’s promotion of Daddy Tate has resulted in an enormous surge for the DADDY coin, which has risen by 209% up to now 24 hours, in line with DEXScreener.
In distinction, MOTHER has skilled a modest improve of solely 3.98% over the identical interval as per CoinMarketCap.
Insider exercise suspected
Amidst the bullish surge of DADDY, blockchain analytics agency Bubblemaps has recognized suspicious insider actions associated to its launch.
In accordance with their findings, insiders allegedly acquired 30% of the coin’s provide previous to Tate’s promotion. These early holders are actually reportedly sitting on property valued at over $45 million.
Taking to X, Bubblemaps famous,
![Bubblemaps](https://ambcrypto.com/wp-content/uploads/2024/06/Bubblemaps-1.webp)
![Bubblemaps](https://ambcrypto.com/wp-content/uploads/2024/06/Bubblemaps-1.webp)
Supply: Bubblemaps/X
Nicely, the story doesn’t finish there. Whereas Tate claimed he hadn’t offered any tokens, which Bubblemaps additionally verified, different questionable transactions have come to mild.
Bubblemaps reported that 11 wallets, every funded with almost similar quantities from Binance [BNB] on the identical time, bought 20% of DADDY on the ninth of June, previous to DaddyTateCTO’s first tweet.
It’s vital to notice that DADDY isn’t the one coin caught up in insider actions. Just lately, MOTHER additionally confirmed important insider exercise, with one insider promoting about 10% of the coin’s whole provide on the twenty ninth of Could.
Observing this rising pattern of insider exercise, Bubblemaps issued a word of caution, and said,
“Extra movie star tokens will come, however do not forget that most of them find yourself nugatory and are sometimes tormented by insider buying and selling.”
Solana memecoins inflicting bother?
In conclusion, an important query arises: Is the memecoin frenzy overshadowing established cryptocurrencies like Solana?
Whereas these two memecoins surged of their each day charts, SOL struggled to surpass its resistance stage at $159.86.
The bearish sentiment was additional confirmed by the Relative Energy Index (RSI), which remained under the impartial stage.
![SOL-TradingView](https://ambcrypto.com/wp-content/uploads/2024/06/SOL-TradingView-scaled.webp)
![SOL-TradingView](https://ambcrypto.com/wp-content/uploads/2024/06/SOL-TradingView-scaled.webp)
Supply: TradingView
The truth is, regardless of the launch of quite a few Solana-based memecoins, which had been anticipated to spice up the SOL community, the variety of new addresses has declined.
In accordance with knowledge from The Block, new addresses on the Solana community dropped from 26.65 million in Could to 11.09 million in June.
![The Block](https://ambcrypto.com/wp-content/uploads/2024/06/The-Block.webp)
![The Block](https://ambcrypto.com/wp-content/uploads/2024/06/The-Block.webp)
Supply: The Block