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A Solana meme coin by the name of Daddy Tate (DADDY) that’s promoted by controversial social media commentator Andrew Tate surged 137% amid insider trading allegations.
The recent pump pushed DADDY’s market cap above $300 million, according to DEX Screener data. DADDY is currently the top trending Solana token on DEXTools and trades at $0.2582 as of 5.02 a.m. EST.
Insider Trading Allegations Cloud DADDY
DADDY’s strong performance has been accompanied by controversy after its promotion by Tate, a former professional kickboxer.
Bubblemaps, a crypto analytics firm, said on June 12 that it found “huge insider trading activity on $DADDY”
1/ We found huge insider activity on $DADDY
Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+
A thread ↓ pic.twitter.com/UyB4SpAs9Z
— Bubblemaps (@bubblemaps) June 12, 2024
“Insiders bought 30% of the supply at launch before Andrew Tate started to promote it on X,” the firm said in a Jun. 12 post on X.
All of these purchases were funded through Binance, and had “nearly identical amounts at the same time,” Bubblemaps added.
The firm added that it was unable to confirm whether these purchases belonged to the same group of investors, but said “the timing and amounts strongly suggest they do.”
Andrew Tate Says He Will Never Sell Tokens Sent To His Address
Bubblemaps said a small concentration of wallets hold one-fifth of DADDY’s supply and warned that if those wallets started selling it “could crash” the crypto’s liquidity.
Real Gs know that their money is safe with a real G.
Scamming jeets dont trust anyone because they think everyone is a scammer jeet like them.
You see yourself in others.
I will never sell what was sent to my wallet, I will only burn and buy.
Forever.
Diamond hands. https://t.co/E0qHIa0Bt3
— Andrew Tate (@Cobratate) June 12, 2024
Tate has not yet touched the 40% chunk of the supply that he holds.
“Scamming jeets dont trust anyone because they think everyone is a scammer jeet like them,” Tate posted in response to the allegation.
He added that he has no intention of selling tokens that were sent to his wallet, and that he “will only burn or buy.”
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