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Daddy Tate (DADDY), a Solana-based (SOL) memecoin promoted by former pro kickboxer and controversial social media figure Andrew Tate, has surpassed the market capitalization of rapper Iggy Azalea’s Mother Iggy (MOTHER) token. The news follows Andrew Tate-dedicated memecoin Top G (TOPG) going viral on Twitter earlier this week.
As of writing, DADDY has a market cap of $250 million and trades at $0.26, up 6% in the last 24 hours, according to DEX Screener. In contrast, MOTHER’s market cap has dropped from its $267.58 million peak on June 6 to around $136 million, with its price falling from a high of $0.27 on June 6 to $0.14, down over 17% on the last day.
However, the rise of Daddy Tate has not been without controversy — even not considering the reputation and criminal record of the person it is dedicated to. Crypto analytics firm Bubblemaps has called out suspicious insider activity related to the token:
Insiders bought 30% of the supply at launch, before Andrew Tate started to promote it on X, and are currently sitting on $45M+ [of profit.]
A complicated scheme
According to Bubblemaps, 11 wallets bought up 20% of the DADDY token supply on June 9, before Tate’s first post on X (formerly Twitter), which would now be worth around $61.4 million. All of these wallets were funded through Binance with nearly identical amounts at the same time, suggesting they may belong to the same person or organization.
Bubblemaps warned that with a small concentration of wallets holding one-fifth of the token’s supply, a single wallet selling could crash the liquidity. The firm also reported that more wallets linked to the group hold 10%, or about $30 million, of the token supply, which was also purchased before Tate’s initial post.
Furthermore, Tate currently holds 40% of the token supply, worth approximately $122.8 million, and “could start selling at any moment,” according to Bubblemaps. In response to these allegations, Tate denied those suggestions:
Real Gs know that their money is safe with a real G.
Scamming jeets dont trust anyone because they think everyone is a scammer jeet like them.
You see yourself in others.
I will never sell what was sent to my wallet, I will only burn and buy.
Forever.
Diamond hands. https://t.co/E0qHIa0Bt3
— Andrew Tate (@Cobratate) June 12, 2024
This is not the first time Bubblemaps has identified similar activity in celebrity-promoted tokens. In May, the analytics firm reported that insiders bought 20% of the MOTHER token supply at launch before Azalea first posted about the token.
The rise of DADDY and the controversy surrounding it highlight the risks associated with celebrity-endorsed cryptocurrencies and the potential for insider trading and market manipulation in the largely unregulated crypto space.
