Andrew Tate promoted the Daddy Tate meme coin on his X account amid the $110 million burn saga and highlighted the CoinMarketCap listing.
Former kickboxer Andrew Tate has renewed interest in Daddy Tate (DADDY), a Solana meme coin, following its debut on CoinMarketCap.
Moreover, the internet personality has maintained her advocacy for the DADDY coin’s promotion.
Furthermore, the infamous internet celebrity instigated a massive $110 million burn for the DADDY crypto.
Andrew Tate and His DADDY Meme Coin Saga
In a tweet, Andrew Tate announced, “$DADDY is live on [CoinMarketCap].”
Following the removal of 400 million tokens from circulation, a significant fire of DADDY coins, valued at $110.59 million, occurred.
Additionally, Tate had conducted a stream in the X space to convey his happiness following the destruction of the substantial meme coin reserve.
Tate, who has a substantial social media following, has been forthright about his involvement with the DADDY coin.
He has declared his intention to have a substantial impact on the Solana network.
He possesses a Solana wallet that contains a variety of meme currencies, including DADDY, which is the most notable.
The DADDY coin’s market valuation increased to $300 million as a result of the burn, which is an impressive accomplishment for a meme coin that was recently launched.
According to CoinMarketCap data, the DADDY coin price increased by 14.11% to $0.2704 as of the time of this writing on Friday, June 14.
Tate has a history of engaging in comparable activities within the crypto space.
He had previously burned 567 million tokens of Top G (TOP G), an additional Solana meme coin.
The coin’s price went up by 200% as a result of this combustion, but it subsequently plummeted.
Netizens have therefore issued a warning that DADDY coin may adhere to a comparable trajectory.
Insider Trading Allegations
The recent increase in the price of Daddy Tate has not been without controversy.
Insider trading within the DADDY meme coin initiative has been the subject of concern by Bubblemaps, a blockchain analytics avenue.
Insiders acquired 30% of the token supply at the launch, according to Bubblemaps in a detailed thread on June 12.
This amounted to a total of more than $45 million, scattered across 21 pouches.
Additional on-chain data from Bubblemaps disclosed suspicious activities on June 9.
Just before the DADDY coin’s formal launch, 11 Binance-funded wallets purchased 20% of the DADDY supply.
These wallets now hold around 19% of the whole supply, worth $30 million.
Bubblemaps noted, “Since they are funded through Binance, we can’t 100% confirm they belong to the same group. However, the timing and amounts strongly suggest they do.”
Furthermore, Bubblemaps identified two additional clusters that were linked by a particular wallet.
Before Tate’s promotional activities, these clusters acquired 10% of the DADDY supply, which is equivalent to $16 million.
The firm cautioned that the liquidity of the coin could be impacted by any transactions from these wallets and Tate’s unburned tokens, which at the time accounted for 40% of the total supply.
In response to these allegations, Tate remained defiant. He asserted, “I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands.”
The purpose of this statement is to reassure the market of his dedication to the ownership of the tokens.
The substantial token burn and the accelerated growth of the DADDY coin’s market capitalization are significant events.
However, the potential impact on liquidity and the allegations of insider trading continue to be critical concerns that require attention.
Additionally, Tate’s participation in the DADDY coin initiative underscores the impact of prominent figures on the volatile crypto market.
