The post Andrew Tate-Backed Solana Token DADDY Up 450% Amid Insider Buying Claims appeared on BitcoinEthereumNews.com.

Just a year after disavowing crypto, former kickboxer and social media personality Andrew Tate began a meme coin spending spree late last week, shilling a number of tokens in the process. The latest token he’s endorsed has skyrocketed past a $275 million market cap, but on-chain analysts are alleging significant insider activity ahead of the surge. DADDY is the latest in a line of tokens that self-proclaimed misogynist Tate has publicly supported. Tate claims to have chosen DADDY as a direct rival to Iggy Azalea’s MOTHER token in an attempt to, as he put it, “flip it for the patriarchy.” Since launching on June 9, the Solana-based DADDY token climbed in value—but it wasn’t until Tate started promoting the project that it really started to jump. On Tuesday afternoon, Tate posted his first tweet referencing the token before actively shilling the project in the early hours of Wednesday morning. As a result, the Solana token is up over 450% to a price of $0.28 over the past 24 hours. But crypto analytics startup Bubblemaps has called foul play, claiming that a large portion of the supply was bought at launch with more being purchased before Tate promoted it on Twitter. Bubblemaps claims that shortly after the token launched, the creator of DADDY sent Andrew Tate’s public wallet 40% of the supply, while Tate later bought and burned an additional $10,000 worth of tokens. But, as proclaimed by Tate himself, he didn’t sell any tokens. 1/ We found huge insider activity on $DADDY 🚨 Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+ A thread 🧵 ↓ pic.twitter.com/UyB4SpAs9Z — Bubblemaps (@bubblemaps) June 12, 2024 Instead, nearly 20% of the total supply was snatched up by just 11…

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Filed under: News - @ June 13, 2024 8:22 pm