Crypto analysts warn of Andrew Tate's DADDY coin as signs of insider trading mount
- On-chain data tracker Bubblemaps identified insider trading activity in the token DADDY, Andrew Tate holds 40% of the supply.
- Crypto analysts slam meme coins launched by celebrities on Ethereum and Solana.
- JENNER, DADDY, MOTHER and TOPG are the trending celeb coins, gaining popularity on social media platforms like X.
Several crypto analysts warned on Friday about the dangers of trading with the so-called “celebrity coins”, the current leading narrative in the meme coin space. Social media influencer Andrew Tate’s DADDY token, which is among the most popular ones, has been surrounded by accusations of insider trading activity.
Caitlyn Jenner’s JENNER, Iggy Azalea’s MOTHER and TOPG are other tokens in the category, based on meme coins referencing famous personalities that tend to endorse these tokens.
Crypto data trackers identify insider activity in DADDY
Bubblemaps, a crypto data tracker, evaluated the on-chain activity in addresses holding DADDY token and noted that Solana-based token’s 40% supply was sent to the celebrity Andrew Tate.
The platform believes there is insider trading in wallets associated with DADDY. Insiders allegedly bought 30% of the token’s supply at launch, prior to Andrew Tate’s promotion of the token on X.
Insiders were sitting on unrealized gains of $45 million as of Tuesday, Bubblemaps says.
1/ We found huge insider activity on $DADDY
— Bubblemaps (@bubblemaps) June 12, 2024
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
An analyst behind the X handle @CredibleCrypto said these celebrity tokens are likely “short term money grabs,” asking traders to stop paying attention and validation to such projects.
Generally try to avoid comments on this stuff because I think for the most part it doesn't need explaining but seeing enough of it on the TL that I think its worth stating:
— CrediBULL Crypto (@CredibleCrypto) June 14, 2024
When full teams who work in this space daily take years to develop a legitimate project you think a celeb…
Ansem, the analyst behind the X handle @blknoiz06, criticized Andrew Tate and DADDY token for the alleged insider activity.
this dude is a broke larp on trial for rape & sex trafficking charges, he is only saying "i will burn all of the money" because he is buying from other addresses not publicly his
— Ansem (@blknoiz06) June 12, 2024
if yall support this token i will have lost all faith in CT, dont be retarded https://t.co/f8qMDltrJZ
At the time of writing, Caitlyn Jenner (JENNER) price added nearly 5% in the past 24 hours, according to data from CoinGecko. Mother Iggy (MOTHER) is down nearly 15% in the same time frame, while Daddy Tate (DADDY) trades nearly unchanged. TOPG gained nearly 5% in the past 24 hours.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
