Bubblemaps’ analysis claims a handful of wallets purchased 30% of the supply of the memecoin DADDY before Andrew Tate promoted it online.

Andrew Tate's Token Surpasses Iggy Azalea's Amid Insider Trading Accusations

Andrew Tate's recently promoted crypto token, Daddy Tate (DADDY), has seen a significant rise in market capitalization, surpassing Iggy Azalea's Mother Iggy (MOTHER) token despite allegations of insider trading activity.

Market Performance:
- Daddy Tate (DADDY):
- Market Capitalization: $300 million
- Current Price: $0.30
- 24-Hour Increase: 218%
- Mother Iggy (MOTHER):
- Market Capitalization: $153 million (down from $267.58 million)
- Current Price: $0.15 (down from $0.27)
- 24-Hour Increase: Over 7%

Insider Trading Allegations:
- Bubblemaps Findings:
- Initial Purchase: On June 9, 11 wallets bought 20% of DADDY’s supply before Andrew Tate’s first promotional post on June 11.
- Funding: All purchases were funded through Binance with nearly identical amounts at the same time.
- Current Worth: The tokens purchased by these wallets are now worth approximately $61.4 million.
-Risk: The concentration of 20% of the supply in a few wallets poses a risk of significant liquidity impact if sold.
- Additional Holdings: Other wallets linked to the group hold another 10% of the supply, amounting to about $30 million.

- Andrew Tate's Response:
- Tate stated he would "never sell what was sent to my wallet," claiming he would only burn or buy, not sell.

Comparison to Iggy Azalea's Token:
- Similar insider activity was reported for MOTHER, where insiders bought 20% of its supply before Iggy Azalea’s initial promotional post.

Market Impact and Future Concerns:
- Liquidity Risk: The small concentration of wallets holding significant portions of the token supply presents a high risk of market manipulation and liquidity crashes.
- Trust Issues: Such insider activities could undermine trust and confidence in these tokens, affecting their long-term viability and attractiveness to investors.

Conclusion:
The rapid rise of Andrew Tate's Daddy Tate token despite insider trading allegations highlights the volatile nature of celebrity-endorsed cryptocurrencies. Investors should remain cautious and conduct thorough due diligence, especially considering the potential risks associated with high-concentration holdings and insider activities.