In the world of cryptocurrency, a new player has emerged, making waves and sparking controversy. Daddy Tate (DADDY), a memecoin inspired by social media personality Andrew Tate, has reached a record-breaking 34,266 holders, according to Solscan data. Despite its success, the coin has been plagued by insider trading claims and concerns about a potential crash.

The token's distribution has raised eyebrows, with 25.23% of the supply held by just 10 addresses, and the remaining 74.76% spread among other holders. This concentration of tokens has led to suspicions of insider trading, with on-chain analytics firm Bubblemaps alleging that insiders bought 30% of the supply at market launch, just hours before Tate began promoting the token.

Tate has vowed to help push the token's market capitalization to $1 billion and has promised to burn his 40% stake, worth over $60 million, once the market cap reaches a point where his holdings are worth $100 million. However, concerns persist about a potential crash if Tate decides to sell his holdings, a scenario that has played out with other celebrity-related meme coins.

The coin's price has experienced significant volatility, with a slight recovery towards the end of the period. As of press time, DADDY had corrected almost 22%, trading at $0.18. The token faces resistance at $0.20 and support around $0.15.

Investors should exercise caution when investing in cryptocurrency, as the market can be highly unpredictable. It is essential to conduct thorough research and understand the risks involved before making any investment decisions.

Note: The content of this article should not be considered investment advice. Investing in cryptocurrency is speculative, and your capital is at risk.