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Early buyers of Andrew Tate’s DADDY meme coin appear to have an unrealized value of $45 million
People briefed on the issuance of social influencer Andrew Tate’s dad meme tokens (DADDY) appear to have an unrealized value of $45 million, according to wallet tracking service Bubblemaps alleged in a post by X.
While wallets directly linked to Tate have not sold any DADDY tokens since their issuance on June 9, some other wallets apparently purchased 30% of the token’s supply before it was widely promoted on X.
“On June 9th at 21:24 UTC, @DaddyTateCTO sent 40% of the $DADDY supply to @Cobratate,” BubbleMaps posted. @Cobratate is Tate’s official X account. “But here’s the rub: 11 wallets, funded through Binance with nearly identical amounts at the same time, bought 20% of $DADDY on June 9th, before @DaddyTateCTO’s first tweet.”
Two other clusters tracked by Bubblemaps hold another 10% of the token’s supply, worth $30 million at current prices.
As such, token trading pools have just over $2.4 million in available liquidity, meaning positions cannot be realized to their full value as of Thursday.
Tate’s wallet, which had not sold tokens as of Thursday, holds $65 million worth of tokens at current prices.
This is the first crypto token that the controversial social media star appears to be directly involved with, an association that helped drive the token to a market capitalization of $240 million just three days after it went live. DEXTools data shows that prices have increased by 55% in the last 24 hours.
DADDY is the latest in a series of celebrity-backed tokens that have started making the rounds in the meme coin ecosystem. Unlike previous cases where celebrities marketed projects or protocols, these tokens are actively issued, backed and promoted by famous personalities, mostly on X.
In May, American media personality Caitlyn Jenner and rappers Iggy Azalea, Trippie Redd, Lil Pump and Davido launched tokens using the Solana-based Pump Fun application. Most of these launches are down 90% from their highs.