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Andrew Tate's crypto token, DADDY, has overtaken Iggy Azalea's MOTHER, amid allegations of insider trading activities, according to Bubblemaps' analysis.
Andrew Tate's Daddy Tate Hits $300M, Surpasses Iggy Azalea's Mother Iggy Amid Scandal
In a recent report by Cointelegraph, a controversial social media figure Andrew Tate promoted a crypto token that surpassed the token launched by musician Iggy Azalea despite accusations of significant insider trading activity.
Daddy Tate (DADDY), the memecoin based in Solana that the former professional kickboxer has been promoting on X since at least June 11, has reached a market capitalization of $300 million and is currently trading at $0.30. According to DEX Screener, this represents a 218% increase in the last 24 hours.
In contrast, the market capitalization of Azalea's Mother Iggy (MOTHER) token has nearly halved from its apex of $267.58 million on June 6 to approximately $153 million. Its price has also decreased since its high of $0.27 on June 6, and it is currently trading at $0.15, an increase of over 7% on the previous day, according to data.
There has been controversy surrounding Daddy Tate, as one analytics firm has reported suspicious insider activity related to the token.
Bubblemaps Flags Insider Trading in Andrew Tate's DADDY Token, Citing Major Pre-Promotion Purchases
In a June 12 post, the crypto analytics firm Bubblemaps criticized Tate's promoted token, claiming it had "discovered significant insider activity."
“Insiders bought 30% of the supply at launch before Andrew Tate started to promote it on X,” it said.
T asserts that on June 9, before Tate's initial X post, 11 wallets acquired 20% of the DADDY token supply, valued at approximately $61.4 million. All were funded simultaneously through Binance with “nearly identical amounts at the same time.”
Bubblemaps stated that it could not verify whether they are members of the same group; however, “the timing and amounts strongly suggest they do.”
The firm has warned that "one wallet selling could crash the liquidity" because a small concentration of wallets holds one-fifth of the token's supply.
According to the report, 10% of the token supply, or approximately $30 million, is held by additional wallets associated with the group. This token supply was also acquired before Tate's initial post.
Bubblemaps stated that Tate had not yet sold the 40% of the token supply he currently holds and “could start selling at any moment.” A share that is estimated to be worth $122.8 million.
Tate responded to Bubblemaps' accusation by declaring that he would "never sell what was sent to my wallet; I will only burn and buy."
The analytics firm reported in May that it discovered comparable activity on MOTHER and that insiders acquired 20% of its supply at the token's inception, before Azalea's initial announcement of the token.
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