According to a deep dive by the blockchain analytics platform Bubblemaps, there’s some serious insider trading drama unfolding in the world of meme coins promoted by Andrew Tate and Iggy Azalea. Here's what you need to know:
DADDY Coin Insider Trading Allegations 🚀
🕵️♂️ June 9: A massive 40% of the DADDY coin supply moved into Andrew Tate’s wallet right before he started hyping it up on social media. Suspicious, right?
💰 Bubblemaps' Findings:
30% of DADDY tokens (worth over $45 million) were allegedly scooped up by insiders at the launch.
11 wallets, likely linked, bought 20% of the supply on June 9 before the official announcement. These wallets now hold around 19% of the total supply, valued at $30 million.
🔗 Bubblemaps suspects these wallets are connected but can't be 100% sure due to their funding through Binance. The timing and amounts, however, point to a coordinated effort.
💸 Another 10% of the supply (valued at $16 million) was acquired by two additional clusters before Tate's promotional blitz.
⚠️ Warning: Any sales from these clusters or Tate's unburned tokens (40% of total supply) could hurt the coin's liquidity.
💎 Tate's Response: "I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands."
📈 Despite the controversy, DADDY coin’s market cap has skyrocketed to $259 million, trading at $0.25—a triple-digit increase in just 24 hours!
MOTHER Coin Allegations 🌸
Bubblemaps also pointed fingers at Iggy Azalea for similar activities with the MOTHER coin:
💼 Allegations:
Insiders allegedly purchased 20% of MOTHER supply at launch, selling $2 million worth shortly after.
A particular wallet bought 109 trillion MOTHER tokens and distributed them across seven others, netting a $1.4 million profit with remaining tokens valued at $400,000.
📉 MOTHER coin's market cap has plummeted from its peak of $267.58 million on June 6 to around $158 million. Its price has dropped from $0.27 to $0.148—a 6.45% decrease in the last 24 hours.
Community Reactions 🌐
The crypto community is buzzing with debate. Some see this as an example of a “good insider launch,” while others argue that “there is no such thing as a fair launch in meme coins,” suggesting these insider activities are par for the course.
Stay tuned as this story develops! 🧐