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Daddy Tate (DADDY), a Solana-based (SOL)<\/a> memecoin<\/a> promoted by former pro kickboxer and controversial social media figure Andrew Tate, has surpassed the market capitalization of rapper Iggy Azalea\u2019s Mother Iggy (MOTHER) token. The news follows Andrew Tate-dedicated memecoin Top G (TOPG) going viral on Twitter earlier this week<\/a>.<\/p>\n As of writing, DADDY has a market cap of $250 million<\/a> and trades at $0.26, up 6% in the last 24 hours, according to DEX Screener<\/a>. In contrast, MOTHER\u2019s market cap has dropped from its $267.58 million peak on June 6 to around $136 million<\/a>, with its price falling from a high of $0.27 on June 6 to $0.14, down over 17% on the last day.<\/p>\n However, the rise of Daddy Tate has not been without controversy \u2014 even not considering the reputation and criminal record of the person it is dedicated to<\/a>. Crypto analytics firm Bubblemaps has called out<\/a> suspicious insider activity related to the token:<\/p>\n 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.]<\/p>\n<\/blockquote>\n According to Bubblemaps, 11 wallets bought up 20% of the DADDY token supply on June 9, before Tate\u2019s 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.<\/p>\n Bubblemaps warned that with a small concentration of wallets holding one-fifth of the token\u2019s 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\u2019s initial post.<\/p>\n Furthermore, Tate currently holds 40% of the token supply, worth approximately $122.8 million, and \u201ccould start selling at any moment,\u201d according to Bubblemaps. In response to these allegations, Tate denied those suggestions<\/a>:<\/p>\n Real Gs know that their money is safe with a real G.<\/p>\n Scamming jeets dont trust anyone because they think everyone is a scammer jeet like them.<\/p>\n You see yourself in others.<\/p>\n I will never sell what was sent to my wallet, I will only burn and buy.<\/p>\n Forever.<\/p>\n Diamond hands. https:\/\/t.co\/E0qHIa0Bt3<\/a><\/p>\n \u2014 Andrew Tate (@Cobratate) June 12, 2024<\/a><\/p>\n<\/blockquote>\n 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 <\/a>supply at launch before Azalea first posted about the token.<\/p>\n 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.<\/p>\n<\/p><\/div>\n\n
A complicated scheme<\/h2>\n
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