A crypto token promoted by controversial social media figure Andrew Tate has surpassed the token launched by rapper Iggy Azalea despite accusations of significant insider trading activity.
Daddy Tate (DADDY) — the Solana-based memecoin the former pro kickboxer has been promoting on X since at least June 11 — has hit a $300 million market capitalization and trades for $0.30 at the time of writing, up 218% in the last 24 hours, according to DEX Screener.
Azalea’s Mother Iggy (MOTHER) token’s market cap, meanwhile, has nearly halved from its $267.58 million peak on June 6 to around $153 million. Its price has also fallen since its $0.27 high on June 6 and is trading at $0.15 — up over 7% on the last day, data shows.
Daddy Tate hasn't come without controversy, with one analytics firm claiming suspicious insider activity relating to the token.
"Huge insider activity” on Tate token
Crypto analytics firm Bubblemaps called out Tate’s promoted token, saying it “found huge insider activity” in a June 12 X post.
“Insiders bought 30% of the supply at launch before Andrew Tate started to promote it on X,” it said.
It claims 11 wallets bought up 20% of the DADDY token supply on June 9, before Tate’s first X post, which would now be worth around $61.4 million. All were funded through Binance with “nearly identical amounts at the same time.”
Bubblemaps added that it couldn’t confirm whether they belong to the same group, but “the timing and amounts strongly suggest they do.”
With a small concentration of wallets holding one-fifth of the token’s supply, the firm warned that “one wallet selling could crash the liquidity.”
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It reported more wallets linked to the group hold 10%, or about $30 million, of the token supply, which was also purchased before Tate’s initial post.
Tate had not touched the 40% of the token supply he’s currently holding and “could start selling at any moment,” Bubblemaps said. A share worth about $122.8 million.
In response to Bubblemaps’ allegation, Tate posted he would “never sell what was sent to my wallet, I will only burn and buy.”
In May, the analytics firm said it found similar activity on MOTHER and said insiders bought 20% of its supply at launch before Azalea first posted about the token.
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