Memecoins
Andrew Tate eyes $1 billion market cap for Daddy Meme Coin
Andrew Tate’s latest venture with the Daddy Tate coin (DADDY) has garnered a lot of attention. Recently, Tate took a high-profile action by burning over 400 million DADDY coins.
This decision has visibly reduced the supply and sparked many reactions within the crypto community.
Andrew Tate Burns $114 Million From DADDY Meme Coin
Despite the dramatic gesture that Tate describe when broadcast live as a “legendary” and world-changing event, the real-world ramifications of the market are nuanced. The value of burned the coins were worth almost $114 million, but that figure is mostly on paper.
DADDY’s market liquidity is only $2.5 million. Therefore, if Tate had attempted to sell these coins instead of burning them, the result pull the carpet could have significantly reduced their value.
Notably, Tate suggests in an article on X (Twitter), he envisions DADDY reaching a billion-dollar market capitalization. Currently, the market cap is around $165 million, according to DEX Screener data. This bold claim stands in stark contrast to recent insider activity, potentially paving the way for volatile market moves.
Learn more: 7 Hot Meme Coins and Altcoins Trending in 2024
DADDY Price Performance. Source: DEX filter
According to Lookonchain, a notable on-chain analysis platform, an insider transaction involved the sale of 15.14 million DADDY meme coins for approximately $1.74 million, completed in Solana (SOL). This insider initially acquired a substantial sum of 29.8 million DADDY for just $1,950, operating three different wallets.
“He currently has 14.7 million DADDY left, worth $2.8 million. His total profit is $5.6 million, a gain of 2,875x,” Lookonchain said.
Additionally, Bubblemaps, another blockchain data analytics company, shed some light on the situation by detecting suspicious business models at the time of DADDY launch. Prior to Tate’s promotional activities, insiders reportedly acquired 30% of DADDY’s total supply.
These wallets, funded through Binance, could not be conclusively linked, but their synchronized activities suggest coordinated action. The implications of such maneuvers are far-reaching, as a sale by any of these wallets could have a significant impact on DADDY’s liquidity and overall market stability.
Learn more: Crypto Scam Projects: How to Spot Fake Tokens
Andrew Tate, accustomed to controversies in the crypto ecosystemhas also been associated with meme coins such as Real Nigger Tate (RNT) and TOPG.
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