Andrew Tate Spotlights DADDY Listing On CoinMarketCap Amid $110M Token Burn

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As a researcher with a background in finance and blockchain technology, I find Andrew Tate’s involvement in the DADDY meme coin intriguing. The recent listing on CoinMarketCap and the subsequent massive token burn have certainly generated buzz around the Solana-based project. However, the allegations of insider trading cannot be ignored.

Andrew Tate, a former kickboxer and well-known internet personality, has once more brought focus to the Solana meme coin, Daddy (DADDY), after it was included in CoinMarketCap’s listings. Additionally, Tate has been actively advocating for the promotion of DADDY coin. Notably, he also initiated a massive $110 million burn for the cryptocurrency known as Daddy.

Andrew Tate & His DADDY Meme Coin Saga

In a recent tweet, Andrew Tate announced that the meme coin $DADDY is now live on CoinMarketCap. Following this announcement, a significant burn event took place, eliminating 400 million tokens worth approximately $110.59 million from circulation. To celebrate this milestone, Tate held a live stream expressing his delight over the massive burning of DADDY coins’ reserve.

I, as a crypto investor with a sizable social media presence, have openly discussed my engagement with the DADDY coin. I’ve expressed my ambition to make a substantial impact on the Solana network. My Solana digital wallet houses a collection of meme coins, several of which were inspired by me, but none more so than DADDY.

The market capitalization of the newly launched DADDY coin reached an impressive milestone of $300 million post-burn, as documented by CoinMarketCap. Simultaneously, the value of the DADDY coin escalated by 14.11% to reach $0.2704 on June 14, 2023.

Tate has a track record of comparable actions in the crypto world. Previously, he destroyed 567 million tokens of Top G (TOP G), another meme coin on the Solana network. This token burn triggered a 200% surge in the coin’s price, but it eventually crashed. Consequently, online community members have issued warnings that DADDY coin could experience a similar pattern.

Insider Trading Allegations

There’s been a significant rise in Daddy Tate’s value, but this growth has sparked debate. Bubblemaps, a renowned blockchain investigation platform, has voiced suspicions of illicit insider trading within the DADDY meme coin initiative. In a comprehensive post on June 12, Bubblemaps alleged that insiders obtained approximately 30% of the token inventory at the outset. This translates to over $45 million distributed among 21 wallets.

Additional information from Bubblemaps uncovered questionable transactions on June 9th. Prior to the public declaration of the DADDY coin, eleven wallets, which had been previously funded via Binance, acquired approximately 20% of the DADDY tokens. Currently, these wallets own around 19% of the entire supply, representing a value of $30 million.

Based on the information provided by Bubblemaps, it seems that there are some cryptocurrency transactions that share similarities but cannot be definitively linked as coming from the same group due to their association with Binance. However, the coinciding timing and amounts of these transactions lend strong evidence to this assumption. Furthermore, Bubblemaps identified two additional clusters that appear to be connected through a specific wallet.

The clusters had obtained a tenth of the DADDY stockpile, worth approximately $16 million, prior to Tate’s marketing efforts. However, the company issued a caution that transactions from these wallets and Tate’s uncashed tokens, representing 40% of the entire supply, might impact the coin’s market fluidity.

In response to recent accusations, I, Tate, want to assure everyone that I have no intention of selling the tokens in my possession. Instead, I plan to hold onto them permanently, even if it means destroying some and buying new ones. This approach is known as “diamond hands,” reflecting my unwavering commitment to this investment.

The expansion of DADDY coin’s market capitalization at an impressive rate and the significant token destruction are important observations. Nevertheless, the accusations of insider trading and their possible consequences for liquidity remain significant concerns that merit close attention. Additionally, Tate’s role in the DADDY coin project underscores the impact high-profile figures can have on the unpredictable world of cryptocurrency.

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2024-06-14 14:36