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Andrew Tate’s Meme Coin Sparks Crypto Market Frenzy
Andrew Tate, a social media influencer and former professional kickboxer, recently sparked controversy in the crypto community. On Friday it began promoting various tokens in the Solana (SOL) ecosystem by posting provocative statements on Twitter, creating a social media storm.
Known for his provocative social media presence, Tate’s actions have once again sparked a whirlwind of positive and negative reactions.
Andrew Tate’s Meme Coin Ventures spark chaos and interest
The chaos began after the Tate declared his intention to hold various assets worth $1 million with “diamond hands” in his position had a specific number of retweets. The term “diamond hands” is used to describe the action of holding an asset for the long term, regardless of fluctuations in its price, thanks to a strong belief in its future value.
Shortly after his post reached the required number of retweets, he announced his plan to “crashes the Solana network.” This statement implied that he intended to buy many tokens in Solana, enough to potentially overload the network.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
Tate shared an address and encouraged people to send him coins. Hundreds of different coins poured in. He burned some and promoted RNT all day. Although he received a lot of coins, Tate claimed to have earned “zero” money from these activities.
“I have made over 100 million trades through Solana. I’ve turned people into millionaires. I did zero. Zero. I just bought some coins and crushed them to dust,” he said he wrote on your X account.
Andrew Tate’s involvement in Solana is significant has had an impact on the meme coin market. Real Nigger Tate (RNT), which it was shilling hard, reached a market capitalization of $61.1 million.
Another coin, TOPG, reached a market capitalization of $38.01 million. Developer TOPG allocated 58% of the supply to Tate, which it then burned. Furthermore, TATE has reached a market capitalization of $5.8 million, exemplifying the contagious popularity of these meme coins.
After Tate’s actions, a series of Meme coins associated with the Tate have entered the market. For example, Tate’s dog-related G reached a market capitalization of $4.5 million. GRETA, inspired by Tate’s past encounter with Greta Thunberg, has reached a market capitalization of $4.6 million, with Tate receiving 50% of its supply.
Other notable coins include WARROOM, which is associated with the Tate private club, which has reached $3 million in market capitalization. Meanwhile, EMORY, related to his father, and FTRISTAN, born from a disagreement with his brother, reached market capitalizations of $2.8 million and $1.7 million, respectively. RBASE also reached a market capitalization of $1.7 million.
To know more: 11 Best Solana Meme Coins to Watch in June 2024
While Tate’s motives remain unclear, his actions are in line with his history of creating controversial content. In mid-May, Tate said he cashed out $500,000 in Bitcoin to invest in GameStop (GME) and meme coins to spite hedge funds. This further demonstrates his ability to stir the pot in the crypto space.
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