Andrew Tate, a controversial social media figure, has propelled his DADDY token to a $300 million market capitalization, surpassing the token promoted by rapper Iggy Azalea, MOTHER, despite accusations of significant insider trading before its public endorsement.

DADDY, a Solana-based memecoin, has seen a meteoric rise since Tate began promoting it on X from June 11 onwards. It currently trades at $0.30, marking a 218% increase in just one day, according to DEX Screener. In contrast, MOTHER's market cap has plummeted from its peak of $267.58 million on June 6 to approximately $153 million, with its price dropping from $0.27 to $0.15, showing a modest 7% increase in the last day.

However, controversy surrounds DADDY as analytics firm Bubblemaps has identified suspicious insider activity associated with the token. In a June 12 post, Bubblemaps alleged "significant insider activity," revealing that a group of 11 wallets collectively purchased 20% of DADDY's token supply on June 9, just before Tate's initial promotion on X. These purchases, valued at approximately $61.4 million, were all funded through Binance and occurred simultaneously, raising concerns about coordinated insider trading.

Bubblemaps further noted that additional wallets linked to this group hold another 10% of the token supply, amounting to about $30 million, also acquired prior to Tate's public endorsement. Such concentrated ownership raises alarms about potential liquidity risks for DADDY, should any of these wallets decide to offload a substantial portion of their holdings.

Responding to Bubblemaps' findings, Tate defended his position, asserting that he has not sold any of the 40% of DADDY's token supply allocated to his wallet. He pledged to either burn or purchase tokens, aiming to maintain stability and confidence in the token's market dynamics. Tate's holdings in DADDY are currently valued at approximately $122.8 million, underscoring his significant influence over the token's liquidity and overall market sentiment.

Bubblemaps had previously raised similar concerns about insider trading related to MOTHER, alleging that insiders had purchased 20% of its token supply before Azalea's initial promotion. These allegations highlight ongoing apprehensions within the cryptocurrency community regarding fairness and transparency in token launches and promotions, particularly in the speculative realm of memecoins.