Meme coins MEW and DADDY post gains amid accusations against Waka Flocka and heavy losses across meme sector
- Mew is up more than 15% after Binance Futures announced it would launch perpetual contracts for the meme coin.
- Andrew Tate's DADDY token posted 37% gains in the past few hours after substantial Father's Day decline.
- Rapper Waka Flocka accused of being a scammer after an insider allegedly sniped 40% of his recently launched FLOCKA token before it went live.
Solana meme coins MEW and DADDY posted double-digit gains on Monday, going against the wider market’s tide of losses experienced across several crypto categories, including the meme sector. This follows accusations labeled at American rapper Waka Flocka after launching his FLOCKA meme coin.
MEW and DADDY go against market trend with recent increase
MEW began the week with an impressive 15% gain after investors reacted positively to an announcement that Binance Futures would launch its perpetual contracts. MEW will begin trading on Binance with up to 50x leverage. The recent rise has helped the cat-themed coin to offset losses experienced last week.
Read more: AI tokens and meme coins offer “buy the dip” opportunities amidst market meltdown
A crypto community member speculated that MEW could see a 10x rise in the coming months, similar to the FLOKI meme coin after it was listed on Binance.
The Andrew Tate-themed DADDY meme coin is also among top gainers in the meme sector after a 34% rise in the past few hours. DADDY's rise follows a substantial 73% decline between Saturday and Sunday. Some community members anticipated a Father's Day rally for the meme coin, but it opted for a sell-off instead, potentially spurred by reported insider activity by Lookonchain.
Also read: MAGA Price Forecast: Poised for 27% crash
The meme coin began declining on Friday after Lookonchain reported that an insider cashed out $5.6 million in profits from dumping 15.14M DADDY tokens. The insider spent only $1,950 to purchase 29.8M DADDY before Tate announced the coin's launch.
We noticed that an insider sold 15.14M $DADDY for 11,752 $SOL ($1.74M), and his cost was less than $2K, a huge gain!
— Lookonchain (@lookonchain) June 14, 2024
1/ Let's check it out. pic.twitter.com/LyUWpWljjt
Meanwhile, other tokens across the meme sector are bleeding heavily. FLOKI is down about 10%, extending its weekly losses to more than 32%.
BONK, BRETT, DOG, BOME and MAGA are all red, with the meme sector taking a 6% decline in the past 24 hours.
Notably, American rapper Juaquin James Malphurs, better known as Waka Flocka, faced a huge backlash after allegations that an insider sniped 40% of his recently launched FLOCKA coin supply at launch. Posts from crypto analyst @ZachXBT and analytics site Bubble confirmed the accusations, stating the insider distributed the sniped tokens to more than sixty wallets.
Read more: Base meme coins rally, leave Solana-based Daddy Tate to bite the dust
Huge insider activity on $FLOCKA
— Bubblemaps (@bubblemaps) June 17, 2024
Wallet Ag41go sniped 40% of the supply at launch and spread it into 60+ wallets, before Waka Flocka (@WakaFlocka) made the announcement.https://t.co/9tBAFwQWef https://t.co/xq5yddGbDv pic.twitter.com/UyNLPVLqWz
Co-founder of JokeRace David Phelps took a dig at the recent saturation of meme coins across the market in an X post, stating that the crypto tech stack is finally ready to be used at scale, "but almost nothing useful is being built."
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
