- Andrew Tate’s DADDY coin sponsorship reflects celebrity impact on cryptocurrency market.
- The firm has reported insider activity in DADDY and MOM coins.
The former reality star and kickboxer has returned to social media after almost a year’s silence Andrew Tate The re-emergence of his online presence own Cryptocurrency is gaining momentum among investors.
He launched a fundraising campaign, encouraging people who have benefited from the promotions he has made to give to charities.
DADDY coin is on the rise
But the buzz started when he announced that he was supporting the Solana [SOL]Daddy Tate [DADDY] memecoin.
Iggy Azalea recently released a song in Australia that he found very interesting. launched You can find out more about this by clicking here. own Solana-based memecoin, Mother Iggy [MOTHER].
Tate, Taking to X remarked,
“I heard about a coin called mother so now I’m supporting a coin called $DADDY to flip it for the patriarchy.”
DADDY outshines MOTHER
Tate has been a major competitor to Azalea with her MOTHER memecoin. Tate claims that the memecoin will be free of profit, but Azalea is more interested in making money. financial Approach with her token.
Tate’s promotion of Daddy Tate resulted a huge surge in DADDY coins, which have risen 209% over the last 24 hours. DEXScreener.
MOTHER’s growth was modest, at only 3.98 % over the same time frame. CoinMarketCap.
Unscrupulous insiders suspected
Blockchain analytics company DADDY is thriving amid the DADDY bullish rise Bubblemaps There have been suspicious insider actions related to the launch.
Apparently, according to their research, 30% of the coins were purchased by insiders prior to Tate’s promotion. The early coin holders now have assets worth over $45million.
Bubblemaps note: Taking X
The story does not end here. Tate said he didn’t sell any tokens. Bubblemaps confirmed this. But other suspicious transactions were revealed.
Bubblemaps revealed that eleven wallets were funded with almost identical amounts. Binance [BNB] DaddyTateCTO first tweeted on 9th June. I bought 20% of DADDY the day before.
Note that DADDY’s not the only coin involved in insider activity. MOTHER has also shown significant insider activities recently. On the 29th May, one insider sold about 10% of MOTHER’s supply.
Bubblemaps has issued an alert to the public regarding this trend. word of cautionThe statement is:
“More celebrity tokens will come, but remember that most of them end up worthless and are often plagued by insider trading.”
Solana memecoins creating trouble?
The question that remains is: Does the memecoin frenzy eclipse established cryptos like Solana or are they both equally important?
SOL, a memecoin that is based on the same technology as Bitcoin and Ethereum, has struggled to break through its $159.86 resistance level.
Relative Strength Index shows that the sentiment is still bearish. The index remained well below neutral.
The number of addresses is actually down despite the launch a large number of memecoins based on Solana, that were supposed to increase the SOL’s network.
The data collected from The BlockThe number of new addresses in the Solana Network dropped from 26,65 million to 11,09 million between May and June.
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Source: ambcrypto.com