Daddy Tate Crypto Outpaces Iggy Azalea's Token Amid Insider Trading Allegations
Summary:
Despite allegations of insider trading, the cryptocurrency token promoted by internet persona Andrew Tate, Daddy Tate (DADDY), has surpassed the value of the token launched by rapper Iggy Azalea. Currently, DADDY has a market capitalization of $300 million, significantly higher than Azalea's Mother Iggy (MOTHER) token. The crypto analytics firm Bubblemaps reports large-scale inside trading activity, with a small number of wallets controlling substantial portions of both tokens' supplies.
Controversial internet persona Andrew Tate has seen the cryptocurrency he's promoted, dubbed Daddy Tate (DADDY), exceed the value of the token launched by famous rapper Iggy Azalea, despite heavy suspicion of insider trading. The Solana memecoin that the former professional kickboxer has been backing since at least June 11, has skyrocketed to a market capitalization of $300 million. As per DEX Screener, it currently trades at $0.30, displaying a significant day-to-day increase of 218%. In contrast, the Mother Iggy (MOTHER) token's market value, has almost halved from its erstwhile peak of $267.58 million on June 6 to around $153 million, and is trading at $0.15 — an increase of over 7% in one day. Over the past 24 hours, DADDY's value catapulted from around 10 cents to over 30 cents.
Despite its success, Daddy Tate was not immune to controversy. An analytics company reported suspicious insider dealings related to the token. Bubblemaps, the analytics firm, pointed out supposed "huge insider activity" relating to Tate's promoted token in a June 12 post. The company alleges that insiders amassed 30% of the supply before Tate began his promotional campaign.
According to the report, 11 wallets scooped up 20% of the DADDY token supply on June 9, preceding Tate's premier post. These acquisitions are now valued at approximately $61.4 million. These transactions were all reportedly fueled by Binance with "nearly identical amounts at the same time." Though Bubblemaps could not definitively link these wallets to one group, the timing and amounts of these trades indicate a strong possibility of connected dealings. With a select group of wallets controlling a fifth of the token supply, Bubblemaps has issued a warning about the potential for one sell-off to significantly disrupt the market.
Bubblemaps' report also highlighted additional wallets linked to the group, owning 10% of the token supply — equivalent to $30 million. These findings indicated that this was also bought before the first Tate post on the matter. At present, Tate hasn't sold any of the 40% of the token supply he holds, which is worth about $122.8 million. In response to these allegations, Tate has promised to burn and buy tokens sent to his wallet, but not sell.
Lastly, the analytics firm unearthed similar insider activity with the MOTHER token. It was disclosed that insiders amassed 20% of its supply before Azalea's inaugural post about the token.
Published At
6/13/2024 8:31:55 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.