Memecoins
Bubblemaps alleges insider trading on memecoins promoted by Andrew Tate and Iggy Azalea
The Bubblemaps blockchain analysis platform has allegations made significant insider trading activity in memecoin projects recently promoted by Andrew Tate and Iggy Azalea.
Despite evidence of wallets purchasing significant amounts of tokens during and ahead of their respective launches, there is no evidence linking them to Tate or Azalea.
The allegations, shared via tweet threads, attracted considerable attention within the crypto community. Some called out alleged insider trading, while others said there was no such thing as a fair memecoin launch and that such events were commonplace.
Andrew Tate and the $DADDY piece
However, Bubblemaps claimed in a June 12 thread that insiders purchased 30% of the $DADDY coin supply at launch, accumulating more than $45 million across 21 wallets.
On June 9, a transaction moved 40% of $DADDY’s supply to Tate’s wallet before he began promoting the coin on social media. Tate has publicly stated that he will not sell any tokens and continues to hold them.
However, on-chain data shows that several wallets purchased around 20% of the supply before the project was announced. According to Bubblemaps:
Bubblemaps wrote:
“11 wallets, funded via Binance with almost identical amounts at the same time, purchased 20% of $DADDY on June 9, before @DaddyTateCTO’s first tweet.”
These wallets now hold approximately 19% of the total supply, valued at $30 million. The company added that any significant sales of these wallets could impact the liquidity of the coin.
The company also alleged that the wallets were related and potentially belonged to the “same group.” Bubblemaps wrote:
“Since they [the wallets] are funded through Binance, we cannot 100% confirm that they belong to the same group. However, the timing and amounts strongly suggest that this is the case.
Additionally, two other clusters, linked via a specific wallet, purchased 10% of the supply ahead of Tate’s promotional activities. These clusters currently hold tokens worth $16 million.
Bubblemaps said Tate has not sold his tokens, but the 40% of the total supply he holds – valued at $64 million – remains intact and could affect the market if sold.
It is important to note that while these wallets show suspicious activity, there is no concrete evidence directly linking the addresses to Tate or his associates. These conclusions remain claims based on transactional models.
Tate responded to the allegations on social media and reiterated that he had no plans to sell the tokens sent to him. He further stated that he would only burn the tokens, in writing:
“I will never sell what was sent in my wallet, I will only burn it and buy it. Forever. Diamond hands.
Iggy Azalea and the $MOTHER piece
Bubblemaps tooallegations avoided of insider trading on the $MOTHER piece at the end of May, promoted by rapper and model Iggy Azalea.
According to the company, insiders purchased 20% of the $MOTHER supply at launch and have since sold $2 million worth of tokens.
The investigation identified a key wallet, which purchased 109 trillion MOTHER tokens before distributing them across seven wallets. Most of these tokens were sold, making a profit of $1.4 million. The remaining tokens are valued at around $400,000 at the time of publication.
Additionally, the wallet transferred funds to other profitable wallets, which collectively earned around $800,000 by selling around 8% of the token supply.
Similar to the $DADDY coin case, there is no concrete evidence linking these addresses directly to Azalea or her associates. These findings are allegations against wallets belonging to unknown entities based on observed transaction patterns.